(Reuters) – The chief of Old Mutual Global Investors (OMGI) Richard Buxton is nearing a 550 million pound buyout of the company, according to a person familiar with the matter.
The buyout, which will be announced as soon as Friday or more likely next week, will be backed by private equity firm TA Associates, according to the person.
A source told Reuters earlier in September that Buxton was eager to strike off on his own and had been in talks with private equity firm TA Associates about a possible management buyout of OMGI.
Last month, Old Mutual Plc <OML.L>, said it was on course to list its wealth unit Old Mutual Wealth in 2018 and announced a series of planned changes to the brand.
The Anglo-South African insurer, whose primary share listing is on the London Stock Exchange, said in 2016 it planned to break itself up into four parts, blaming regulatory changes for making the company too complex to run in its current form.
As part of the break-up, Old Mutual was also looking to sell part of OMGI, the asset management business of Old Mutual Wealth.
(Reporting by Carolyn Cohn in London and Sangameswaran S in Bengaluru; Editing by David Gregorio)