Oaktree Capital Management has selected Bank of America and JPMorgan Chase to help arrange a potential London IPO of UK-based wealth solutions provider Utmost Group, according to a report by Bloomberg citing people familiar with the matter.
The two banks were chosen over other Wall Street contenders for a role on the listing, which could reportedly value Utmost at around £2.5bn ($3.3bn). Discussions remain at an early stage and plans could still change. Oaktree is also weighing a potential sale of the business as part of its strategic review.
Utmost was founded in 2013 and provides insurance-linked investment products to high-net-worth clients. It reported £116.3bn in assets under administration at the end of last year. Oaktree is owned by Brookfield Asset Management and has been a long-term backer of the business.
