Shares in British wealth management firm Quilter jumped today after its initial public offering in one of the last stages of parent Old Mutual's break-up plan.
Anglo-South African financial services firm Old Mutual set the break-up in motion over two years ago, saying regulatory change made the firm too costly and complex to run.
It has already sold its stake in its US asset management business and today priced the Quilter IPO at 145 pence per share, valuing the company at £2.76 billion.
In addition to the IPO of 9.6% of the shares, existing Old Mutual shareholders will receive 86.6% of Quilter through a demerger. The rest will be held on behalf of management and staff.
Quilter shares were trading at 157 pence in morning trade, up 8.3%.
Other UK insurers and asset managers Prudential and Standard Life Aberdeen have followed Old Mutual in hiving off parts of their business.
"We are making good progress towards our vision of becoming the UK's leading wealth management business," Quilter chief executive Paul Feeney said.
Old Mutual's other remaining unit, Old Mutual Limited, which currently includes South African lender Nedbank, is due to list in Johannesburg and London tomorrow.
Quilter also has a secondary listing in Johannesburg.
The listings will see shareholders receive one share in Quilter and three in Old Mutual Limited for every three Old Mutual Plc shares they held.