LONDON (Reuters) – Anglo-South African financial services group Old Mutual <OML.L> is selling its UK wealth business run by veteran fund manager Richard Buxton to private equity firm TA Associates for 600 million pounds, it said on Tuesday.
The sale of the single-strategy asset management business of Old Mutual Wealth is part of a planned break-up of the group.
TA Associates is paying 570 million pounds in cash on or before completion, with 30 million payable afterwards, between 2019 and 2021, Old Mutual said in a statement.
Old Mutual is planning to list the remaining UK multi-asset business of Old Mutual Wealth next year, as it looks to break itself into four parts by the end of 2018.
The single strategy division had assets under management of 25.7 billion pounds at Sept. 30 2017.
(Reporting by Carolyn Cohn, editing by Louise Heavens)