Old Mutual sells stake in OMAM for $446m

Next part of managed separation

Old Mutual has agreed to sell a 25% stake in OM Asset Management to HNA Capital US for $446m, reducing its own share to 25.9%.

The move reduces Old Mutual's share in the business from 50.8% to 25.9%; the transaction is comprised of a sale of 9.95% OMAM shares at $15.30 per share, and 15% at the price of $15.75 per share. The first part of the transaction is due to complete in 30 days and the second half will be implemented in the second half of 2017. It is expected a US-nominated director will join the OMAM board upon completion of the first part of the transaction. Old Mutual enters next stage of managed separation Multi-boutique asset manager OMAM has $240bn in assets under management while HNA Capita...