Quilter Gains on Debut After Being Spun Out of Old Mutual

Quilter Plc’s rose in its first day of trading in London and Johannesburg as the U.K. wealth manager set its own path after being spun out of Old Mutual Plc. The breakup of 173-year-old Old Mutual will be largely complete this week as the London-based insurer hives off its businesses after determining that they would be worth more on their own. The initial public offering of Quilter on Monday will be followed on Tuesday by the listing of Old Mutual Ltd., which will house the company’s African insurance and asset-management units, and culminate with the unbundling of Nedbank Group Ltd. in about six months.