Old Mutual to raise $308m from asset management IPO

Investment, savings and insurance group Old Mutual said it hopes to make $308m from the initial public offering (IPO) of its asset management arm in New York on Thursday.

OM Asset Management's shares will be offered at $14 each, slightly lower than the initial expected range of between $15 and $17 outlined last month.

The subsidiary is described as a "global, multi-boutique asset management company" with $221bn of assets under management.

The stock will begin trading later on Thursday when the New York Stock Exchange opens under the ticker OMAM and the offering will close on 15 October.

Gross proceeds to be realised by parent group Old Mutual will be $308m, with the money after offering costs to be used for "general corporate purposes", the UK-listed company said.