Old Mutual has raised $291m in gross proceeds less underwriting discount from the listing of OM Asset Management (OMAM), its US asset management unit.

Under the arrangement, announced last week, Old Mutual offloaded 13 million ordinary shares at $14.25 each.

In addition, it also repurchased six million ordinary shares from OM Group (UK), a subsidiary of Old Mutual, at $14.25 per share.

The group also disposed 1.95 million ordinary shares through the underwriters' option to purchase additional shares.

The group owns 51.1% of OM Asset Management following the sale.

The recent move forms part of the group’s managed separation strategy, announced in March 2016.

As part of this strategy, Old Mutual plans to split itself into four separate companies, namely Old Mutual Emerging Markets, Old Mutual Wealth, Nedbank Group, and OM Asset Management.

In June 2016, Old Mutual announced plans to de-merge from Old Mutual Wealth and Old Mutual Emerging Markets, which will be listed on the London and Johannesberg stock exchanges.

It also unveiled plans to carry out a phased reduction of its 66% stake in the US asset management arm. The separation process is scheduled to be concluded by the end of 2018.