Old Mutual Wealth is to carve a ready-made £16bn multi-asset business out of its fund management operations, running it separately from the existing single-strategy range of Old Mutual Global Investors (OMGI).
The move - revealed as media reports emerged of OMGI CEO Richard Buxton talking to private equity firms about a buyout of that business - is part of a continuing refinement of Old Mutual Wealth's business model ahead of its ‘managed separation' from parent Old Mutual and own stockmarket listing next year. According to Sky News, TA Associates, a former backer of Jupiter Asset Management, is thought to be the frontrunner to lead the buyout deal. Meanwhile, the multi-asset business, which comprises portfolio management of multi-asset funds and managed portfolio services as well as fund r...
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