Cape Town - Old Mutual Asset Management (OMAM), a US-based
global asset management business of Old Mutual [JSE:OML] on Thursday entered
definitive agreements to sell five of its US affiliates to their current senior
These businesses - 2100 Xenon Group, 300 North Capital,
Analytic Investors, Ashfield Capital Partners and Larch Lane Advisors - had
combined assets under management of $11.7bn at June 30.
According to the announcement on JSE SENS the terms of the
transactions were not disclosed, but the sales are expected to close in the
fourth quarter of 2012.
The transactions are expected to improve OMAM's margin in
2013 and result in the return of over $100m of seed funding to reinvest in the
OMAM intends to expand its business through strategic growth
initiatives, driven by strong investment performance and targeted investments
in new products, continued investment in global distribution and diversifying
its asset classes and strategies.
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