Old Mutual spin-out flies on City debut

QUILTER, the wealth management unit spun out of Old Mutual, enjoyed a pleasing debut on the London stock market today after its shares rose a healthy 9%.

Priced at 145p by bankers, near the top end of a 125p-155p price range, the stock quickly rose to 158p, allowing deal masterminds Bank of America Merrill Lynch, Goldman Sachs and JPMorgan to heave a sigh of relief.

The top two shareholders on Quilter’s register are South African: Public Investment Corporation and Cape Town’s Coronation Asset Management.

BlackRock and Norges, which own stakes in almost all publicly listed companies, are also on the register.