The Anglo-South African insurance firm Old Mutual is preparing to further slash stake in OM Asset Management (OMAM), the company asset management unit in the US.
Old Mutual intends to use the proceeds from the sale for general corporate purposes.
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The public offering will be made by Old Mutual through global coordinators and joint book-running managers BofA Merrill Lynch, Morgan Stanley, Citigroup, and Credit Suisse Securities (USA) and OMAM will not have any claim in the sale or proceeds received from the offering.
The proposed offering follows sales of 21% of the Boston-based boutique asset manager, which the insurer had spun off in a float on the New York Stock Exchange in 2014.
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