Old Mutual reveals sale of Single Strategy business

Share
Old Mutual reveals sale of Single Strategy business

Old Mutual has struck a deal to sell its single strategy asset management arm to private equity outfit TA Associates for £600 million. It also includes approximately 30 million pounds anticipated to be payable thereafter, paid primarily in 2019 to 2021 as surplus capital associated with the separation from Old Mutual Wealth is released in the business. The single strategy business had £25.7bn of funds under management at the end of September and net client cash flow for the nine months to the end of September was £3.5bn.

Old Mutual's shares rose 4 percent on the news, to the top of Britain's FTSE-100 index.

TA Associates managing director Chris Parkin said: "We have followed the development of Old Mutual Global Investors' Single Strategy business for several years and have been impressed by what is clearly now a diversified and high-quality investment platform".

Buxton, one of the City's highest-profile fund managers, said: "The management team is delighted to be partnering with TA Associates to buy the single strategy business".

Old Mutual is planning to list the remaining United Kingdom multi-asset business of Old Mutual Wealth next year, as it looks to break itself into four parts by the end of 2018.

The proposed transaction is subject to customary closing conditions, including regulatory approvals and conditions relating to the transfer of the Multi-asset business to be retained by Old Mutual Wealth. He added today's sale announcement is a "good outcome" for shareholders.

Share

Advertisement

Related Posts

Autodesk (ADSK) Downgraded by Wedbush
After $0.42 actual earnings per share reported by NICE Ltd. for the previous quarter, Wall Street now forecasts 83.33% EPS growth. Harfst & Associates Inc. acquired a new stake in shares of Autodesk during the second quarter valued at approximately $150,000.

Zoetis (ZTS) Rating Increased to Overweight at Morgan Stanley
Steward Partners Investment Advisory LLC purchased a new stake in Zoetis during the 3rd quarter worth approximately $114,000. It improved, as 40 investors sold ZTS shares while 247 reduced holdings. 15 funds opened positions while 51 raised stakes.

Reddit for iOS gains new mod tools, theater mode, chat, more
Users and moderators can now add "post flair" on both iOS and Android - a tool to distinguish different types of content. That's about it for the Android-side of things, unfortunately, as the update seems to focus more on the iOS experience.

Lockheed Martin wants to develop a supersonic business jet
In May, General Electric Co's GE Aviation and Aerion announced a joint study to develop a supersonic engine for the AS2. That's about 55 percent faster than today's fastest commercial jets, equivalent to greater than 1,000 miles per hour.

Visa INC (V) Position Has Increased by Hengistbury Investment Partners Llp
After $1.19 actual EPS reported by IQVIA Holdings Inc. for the previous quarter, Wall Street now forecasts 13.45% EPS growth. Since August 17, 2017, it had 0 buys, and 2 sales for $1.78 million activity. (NYSE:V) shares were sold by CRANSTON MARY B .

Blackrock INC (BLK) Stake Has Raised by Junto Capital Management Lp
Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. In related news, insider Mark Mccombe sold 500 shares of BlackRock stock in a transaction on Friday, May 26th.

Power restored to ATL airport; outage continues to affect flights
As travelers waited for more information about the outage, strobe lights flashed in certain parts of the airport. Passengers stuck on the train that moves passengers between terminals were rescued by firefighters.

Pentagon Program Spent Millions Investigating UFOs
The shock revelation has finally disclosed the true aim of the mysterious Advanced Aerospace Threat Identification Program. Program officials also examined video of encounters between unknown objects and U.S. military aircraft.

Sony H8216 spotted with Snapdragon 845, dual cameras and more
The back of the phone, meanwhile, will purportedly tout a dual-camera configuration with two 12-megapixel shooters. Other specifications on the Sony Xperia XZ2 include a microSD card slot for expansion and high end cameras.

Hormel Foods Corp (NYSE:HRL) Director Sells $550400.00 in Stock
About 2.61M shares traded or 1.52% up from the average. (NASDAQ:HCKT) has risen 3.66% since December 18, 2016 and is uptrending. Hormel Foods Corporation has a beta of 1.03, offering the possibility of a higher rate of return, but also posing more risk.

© 2015 ExpressNewsline. All Rights reserved.