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LONDON Anglo-South African financial conglomerate Old Mutual said stock market turmoil may delay the planned initial public offering of its US fund management business next year.

"It is quite clear that the markets are not good. It's looking more and more likely that the IPO may not happen by the end of 2012 where to buy christian louboutin ," Old Mutual CEO Julian Roberts told reporters on a conference call on Friday.

"We don't feel any pressure to rush the IPO where to buy christian louboutin , we will take our time and do it when the time is right," Roberts said, adding that floating the funds business was not critical to meeting debt reduction targets.

Global stock markets have slumped in the past five days, with the FTSEurofirst 300 share index down nearly 11 percent this week, on mounting fears of another U.S. recession and on worries about the creditworthiness of Spain and Italy.

Roberts was speaking after Old Mutual reported a better-than-expected 15 percent increase in its first-half profit, helped by cost cuts and strong growth at Nedbank where to buy christian louboutin , its majority-owned South African lender.

He said Old Mutual where to buy christian louboutin , which last year made a failed attempt to sell Nedbank to HSBC was now in no hurry to offload the business.

"I'm in no rush. We're quite happy to have that for quite some time to come," he told Reuters Insider Television.

The proposed Nedbank sale and IPO of the U.S. asset management business are part of a strategic overhaul launched last year aimed at simplifying Old Mutual's complex structure while paying off 1.5 billion pounds of debt by the end of next year. Continued...