Fin24

Old Mutual sells US units worth $12bn

2013-01-02 17:50

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.


   

 

Comments
  • freddie.jones.58367 - 2013-01-02 18:28

    "Old Mutual sells US units worth $12bn" Oh no it didn't! It sold units with 'assets under management' with a value of $12B Assets under management do not equal value of the company.

      joe.smit.549 - 2013-01-02 18:47

      Wonder what the management fee on those assets are?

      tamlin.vanheerver - 2013-01-03 09:37

      well said freddie, typical useless journalists, copy and paste!

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