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Old Mutual to sell US affiliates

Oct 12 2012 11:43 Fin24

Company Data

OLD MUTUAL PLC [JSE:OML]

Last traded 34.70
Change -0.54
% Change -0.02
Cumulative volume 7648263
Market cap 169.97bn

Last Updated: 19/09/2014 at 04:26. Prices are delayed by 15 minutes. Source: McGregor BFA

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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 management teams.

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 business.

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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