Update: Buxton retains management of £2.3bn UK Alpha fund in £600m OMGI sale

Will remain on £2.3bn UK Alpha fund

The £25.7bn single-strategy business spun out from Old Mutual Global Investors' (OMGI) and sold to senior management, including chief executive Richard Buxton, and TA Associates will be capitalised to "attract new investment desks and fund managers", while Buxton will also remain as manager of the £2.3bn UK Alpha fund.

Parent firm Old Mutual Wealth confirmed this morning the single-strategy business will be sold in a £600m deal with TA Associates paying £570m in cash on or before completion and a further estimated £30m, which will be paid primarily between 2019 to 2021, as surplus capital associated with the separation from Old Mutual Wealth is released from the business. The firm said the majority of the current OMGI single strategy management team will remain with the single-strategy business, with Buxton retaining his role as CEO, head of equities and fund manager, while a spokesperson also told Inv...