Quilter, formerly Old Mutual Wealth, has floated on the London Stock Exchange today with an initial valuation of £2.8bn.

The IPO was successfully placed at 145p per ordinary share. Shares were trading at up to 154p in early dealing suggesting strong demand for the issue.

Old Mutual Wealth changed its name to Quilter, one of its brands, prior to the float.

Shortly before the float Old Mutual Wealth chief executive Bruce Hemphill resigned from the board along with Ingrid Johnson. Ahead of the listing board member Mark Satchel also stepped down from the board. Mr Hemphill had been chief executive since November 2015.

South African-owned Old Mutual has been undergoing a major restructuring which has seen the company split up and separate divisions, such as Quilter, created.

The main name of the UK wealth management business is gradually being shifted to the Quilter brand. The firm said in May there would be no immediate change for customers.

The new-look Quilter has two main divisions, a platform operation and an advice and wealth manager arm.

The Advice and Wealth Management arm has £41.1 billion of assets under management and includes:

• Quilter Financial Planning (which will be the new name for Intrinsic)
• Quilter Private Client Advisers (soon to be the new name for Old Mutual Wealth Private Client Advisers)
• Quilter Investors (the new name for the Multi-Asset business)
• Quilter Cheviot (discretionary fund managers)

The wealth platforms arm has £82.7 billion of assets under administration and comprises:

• Quilter Wealth Solutions (which will be the new name for the Old Mutual Wealth UK Platform)
• Quilter Life Assurance (which will change from Old Mutual Wealth Heritage Life Assurance)
• Quilter International (which will be the new name for Old Mutual International)

Quilter manages over £100 billion of investments on behalf of over 900,000 customers.