Stock markets registered their approval as shares in Quilter, the wealth management business spun out of Old Mutual, enjoyed their market debut.
They jumped 8 per cent at the opening yesterday, well above Quilter’s initial public offering price of 145p a share, valuing the company at close to £2.8 billion, although they later dropped back slightly amid a broader FTSE sell-off.
The IPO comes after Old Mutual, the Anglo-South African financial services group, announced plans in 2016 for a “managed separation”, to simplify the business and deliver better value for shareholders.
The group argues that regulatory changes had left it too expensive and complex to run in its previous form — an unwieldy financial conglomerate that many investors found puzzling. The break-up is now well