Old Mutual continues to explore the possibility of a partial IPO of its U.S. asset management business.

As part of Old Mutual plc's results for 2010, company officials said they "continue to explore the possibility of a partial IPO by the end of 2012."

"The timing of the IPO will be dependent on margin progression, investment performance and growth," according to the news release.

Last November, an Old Mutual spokesperson told Bloomberg that the firm might push back the planned IPO from 2011 to 2012.

Old Mutual Asset Management last month hired former Legg Mason executive Peter Bain as president and CEO, succeeding Tom Turpin, who left last fall. 

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