Old Mutual plc, the life insurer listed in Johannesburg and London, on Friday said it is poised to go ahead with an IPO of a “minority interest” in its unit, the US Asset Management (USAM) business this year.

But Old Mutual, which is also described as an international wealth manager with operations in Africa, Europe and India, said the plan was driven by the fact that the company wanted to raise capital to advance its multi-boutique asset management business.

Old Mutual said this IPO was of course depended on market conditions and that it (IPO) will allow for further access of non-US markets through its international distribution platform.

This funds (raised from the IPO) will allow Old Mutual’s US business to form “strategic partnerships” with good value boutique asset management companies which offer matching investment products.