Old Mutual Wealth has agreed to sell its Single Strategy asset management business to the Single Strategy Management team and funds managed by private equity firm TA Associates for £600 million.
The proposed transaction is subject to customary closing conditions, including regulatory approvals and conditions relating to the transfer of the Multi-asset business to be retained by Old Mutual Wealth. The majority of the current management team of the Single Strategy business, including CEO Richard Buxton, will remain with the Single Strategy business.
There is no change to the Old Mutual Wealth Multi-asset business, which will be rebranded as Quilter Investors. and led by Paul Simpson, CEO.
Paul Feeney, CEO of Old Mutual Wealth, said: "Ahead of our managed separation and proposed listing in 2018, we are pleased that we have completed the strategic review of the Single Strategy business and agreed terms for a transaction with TA Associates."
Richard Buxton, CEO of the Single Strategy business, added: "The management team is delighted to be partnering with TA Associates to buy the single strategy business. I believe this is a good outcome for our customers and our staff."