It has been a long road, indeed.
After years of hinting, withdrawing, selling, buying, and hinting again, Old Mutual Asset Management
has finally filed an S-1 form
proposing an initial public offering of a minority of shares. OMAM is the U.S.-based asset management arm of British and South African parent Old Mutual plc.
Old Mutual bought into the U.S. multi-boutique asset management business years ago when it bought into United Asset Management
, and you might remember their once-hot, now defunct, retail brand brand Pilgrim Baxter
In preparation, Old Mutual had signaled as early as July 2011
that it was planning an IPO, but stalled its plans in August 2011
. In October 2011, CEO Peter Bain said an IPO was not urgent
. However, the firm hinted again their IPO intentions in November 2012
To sweeten the potential deal, Old Mutual sold off bits of its U.S. arm, including its own mutual fund brand to Touchstone in September 2011
and Dwight to GSAM in February 2012
. Old Mutual briefly went from being a divestor to an acquirer
when Bain said in February 2012 hinted that he might be looking for acquisitions.
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