Quilter chair buys shares ahead of managed separation

Quilter’s independent non-executive chairman Glyn Jones has invested over £645,000 in Old Mutual as details around the firm’s managed separation are finalised.

Quilter chair buys shares ahead of managed separation

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In a regulatory filing the company stated Jones, who joined the firm in September 2016, had bought 268,792 shares in Old Mutual plc at a price of £2.406 per share on 30 May 2018.

The shares are due to become a mixture of Quilter and Old Mutual securities when the companies demerge and are listed as separate entities in June.

Last week, Old Mutual shareholders voted in favour of both the demerger of Quilter from Old Mutual plc for its listing and transforming Old Mutual plc into a subsidiary of Old Mutual Limited, before the listing of the latter company.

Quilter will be admitted to the London Stock Exchange on 25 June and Old Mutual Limited the following day.

Each shareholder will receive one ordinary share in Quilter and three ordinary shares in Old Mutual Limited for every three shares they held in Old Mutual plc.

Jones replaced Bruce Hemphill, chief executive of Old Mutual, when he stepped down as chairman of the company, which was then known as Old Mutual Wealth, in September 2016.

He is currently chairman of US-listed business Aspen Insurance Holdings. Previously, he has been chairman of Hermes Fund Managers, Aldermore bank, BT Pension Scheme Management and Towry, before its merger with Tilney Bestinvest.

Hemphill resigned from the board of Quilter in April.

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