Old Mutual has unveiled plans to offload up to 9.6% of the ordinary shares in Quilter as part of its managed separation strategy.

The announcement follows shareholder nod for the demerger of Quilter from Old Mutual and its listing on the London Stock Exchange and the Johannesburg Stock Exchange.

The company will determine the indicative price range “in due course” and release a price range supplement on 11 June 2018.

Details regarding the final offer price and the number of shares to be disposed will be revealed on or about 25 June 2018.

Quilter CEO Paul Feeney 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.”