Old Mutual sets price for US asset management arm share offer

Old Mutual has set the price for its planned sale of 13.3m shares in its US asset management business to raise money for "general corporate purposes".

The shares will be priced at $17.50 each, and a further 1.995m shares will be available through a 30 day option, the group said in a statement. The offering is expected to close on 22 June. The firm revealed plans to sell off more of its US asset management arm earlier this month, quoting the strong rally in US shares as the key rationale. Boston-based Old Mutual Asset Management was listed in New York last year, which saw the parent company offload 21.2% of its US division, raising $308m. The latest sale will add another $230m to its books if the shares are sold at the price set b...