[South Africa] Quilter plc lists on Johannesburg Stock Exchange
Quilter plc, previously a subsidiary of Old Mutual plc, has listed independently on the Johannesburg Stock Exchange (JSE) Main Board.
The listing comes as a conclusion of Old Mutual plc's "Managed Separation" strategy, which aims to separate its underlying businesses and unlock value within the Old Mutual Group structure.
Quilter, which also listed on the London Stock Exchange today, announced on 27 March 2018 that its name would change from Old Mutual Wealth Management Limited.
Quilter is a leading UK wealth management business providing advice-led investment solutions and investment platforms to over 900 000 customers, principally in the affluent market segment.
Commenting on the listing after blowing the ceremonial kudu horn to open the day's trading, Quilter's Corporate Finance Director, Mark Satchel said:
"The Quilter business and its management team are well known to South African institutional shareholders having, until now, been the UK division of Old Mutual plc, which has been listed on the JSE since 1999. We are also delighted that the formal process of listing Quilter on the London and Johannesburg Stock Exchanges has happened and we continue to be excited by the opportunities ahead."
Donna Nemer, Director, Capital Markets at the JSE, welcomed Quilter to the exchange stating that the its listing would have a positive impact on the country's investment climate:
"We are delighted that Quilter has sought our approval to continue its ownership by South African shareholders through a secondary listing on the JSE. We look forward to a long and rewarding relationship with Quilter and its shareholders.
"As Africa's largest exchange, we are pleased to welcome Quilter to the JSE. This affirms the trust that foreign investors have in the South African market."
The listing this morning makes Quilter the ninth company to list on the JSE this year. Quilter is the eighth company to list in the asset managers sub-sector.