Old Mutual is approaching the FCA and LSE to offer up to 9.6% of shares after gaining approval from shareholders.

The firm is rebranding as Quilter and is undergoing a “managed separation.”

In a statement to the Stock Exchange the company said it was targeting the LSE main market and the Main Board of the Johannesburg Stock Exchange.

The indicative price range will be determined “in due course” together with the maximum number of shares to be sold.

Further information will be contained in a Price Range Supplement, expected to be published by the company on 11 June.

The firms says the final offer price and the number of shares to be sold will be determined following publication of the Price Range Supplement and is currently expected to be announced “on or about 25 June.”

Paul Feeney, chief executive of Quilter, said: “The announcements last week by Old Mutual plc regarding the successful passing of the shareholder resolution at its court and shareholder meetings and today of its intention to proceed with a global offering of up to 9.6% of Quilter moves us closer to becoming a listed, independent wealth management business.  

“We believe that our leading position in the UK, one of the world’s largest wealth markets, our multi-channel customer proposition and our strong investment performance position Quilter for continued success. 

“Together with our experienced management team, I am excited to lead Quilter into this new era and look forward to helping to create prosperity for our customers, shareholders and employees.”