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Old Mutual sells US units worth $12bn

Jan 02 2013 17:50

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Last traded 41
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Cumulative volume 5448140
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Last Updated: 02-10-2015 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Insurer Old Mutual [JSE:OML] said on Wednesday it has completed the sale of five of its US affiliates to their respective senior management teams.

"These businesses had combined assets under management of $12bn as at 30 September 2012," it said.

Old Mutual Asset Management (Omam), the US-based global asset management business of Old Mutual, said in an announcement on SENS that it has closed the transactions with the five affiliate asset managers - 2100 Xenon Group, 300 North Capital, Analytic Investors, Ashfield Capital Partners and Larch Lane Advisors.

Terms of the transactions were not disclosed. Omam entered into definitive agreements with the affiliate firms in October 2012.



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