Old Mutual sets bid deadline for Buxton's business

Targeting over £500m

Old Mutual Wealth has given potential buyers less than three weeks to submit offers for its single stratgey asset management arm OMGI, run by Richard Buxton.

It was revealed earlier this month that Old Mutual Wealth is to carve a ready-made £16bn multi-asset business out of its fund management operations, running it separately from OMGI's existing single-strategy range. According to reports, OMGI CEO Richard Buxton had already been talking to private equity firms about a management buyout of his part of the group, as Old Mutual Wealth prepares for its ‘managed separation' from parent Old Mutual and own stockmarket listing next year. Goldman Sachs, which is in charge of the sale, has now given potential bidders until 29 September to submit ...