Old Mutual confirms third-party interest in US asset management arm

'Nearing a deal' with Affiliated Managers Group

Old Mutual has confirmed it has received approaches from third parties to buy its US asset management business, following reports it has nearly secured a deal with Affiliated Managers Group (AMG).

The Old Mutual board has "endorsed" the sale of its 66% stake in Old Mutual Asset Management (OMAM), valued at around $1bn, as part of its restructuring plan announced in March, according an article in the Financial Times. In exchange for the stake, the Old Mutual group will receive cash and a 10% stake in AMG, according to two people familiar with the plans, with Old Mutual using the cash to pay down debt at its UK operations. In a statement, Old Mutual confirmed it is continuing to assess the options available for its managed separation. Old Mutual appoints head of managed separ...