Old Mutual To List US Asset Management Unit On NYSE

(RTTNews) - Insurance firm Old Mutual Plc (ODMTY.PK, OML.L), on Monday announced plans to list OM Asset Management Ltd, its US-based institutional asset management business, on the NYSE.

OM Asset Management Ltd, a newly-created holding company, has filed with the Securities and Exchange Commission for an initial public offering. Old Mutual plans to sell as much as $100 million of shares, according to the document filed with SEC.

Old Mutual Asset Management issued a pre-IPO special dividend of $175 million to Old Mutual, according to the filing.

The company intends to list shares on the New York Stock Exchange under the trading symbol "OMAM."

OM Asset Managements' business consist of seven affiliate firms, including Acadian and Barrow, Hanley, Mewhinney & Strauss. The company offers a diverse range of actively-managed investment strategies and products to institutional investors around the globe.

OM Asset Management had assets under management of about $203.1 billion as of March 31, 2014.

Bank of America Merrill Lynch, Morgan Stanley, Citigroup and Credit Suisse Group are the underwriters who will oversee the IPO.