Feeney: OMGI single-strategy business 'less aligned' with Old Mutual Wealth

Due to be sold

Old Mutual Wealth's chief executive Paul Feeney has revealed more details about the rationale behind its split of Richard Buxton-led Old Mutual Global Investors (OMGI), with the single strategy part up for sale.

It was revealed in September that Old Mutual Wealth was planning 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 chief executive Richard Buxton had already been talking to private equity firms about a management buyout of his single-strategy part of the group. Bidders are believed to include Australian firms Macquarie and Challenger, US private equity group Carlyle and TA Associates.  Speaking at an analyst conference, Feeney (pictured) said the firm ...