Old Mutual Wealth has revealed it expects to list as Quilter on the London Stock Exchange on 25 June.

A shareholder update last week confirmed the intention and other details of the firm’s managed separation.

Old Mutual Wealth is changing its name to Quilter, one of its brands.

One of the more significant developments was the resignation of Old Mutual Wealth chief executive, Bruce Hemphill, from the board.

Mr Hempill, who has been chief executive since November 2015, resigned on Thursday, it was announced.

A statement on the firm’s website read: “Bruce Hemphill and Ingrid Johnson resigned from the board on 19 April 2018.

“In addition, as part of the structuring of the board ahead of listing, Mark Satchel stepped down from the Board on 19 April 2018.”

South African-owned Old Mutual is going through a major restructuring which will see the company split up and separate divisions created.

The group businesses will be re-branded under the Quilter name over a period of about two years, following separation from Old Mutual.

There will be no immediate changes for customers, says the firm.