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Old Mutual receives offers for its U.S. fund firm

Staff writer ▼ | May 24, 2016
Old Mutual confirmed it had received multiple approaches from potential buyers of its stake in U.S. fund firm Old Mutual Asset Management (OMAM).
Old Mutual
Acquisition   Responding to media speculation
The company said it was responding to media speculation after the Financial Times on Monday evening reported it was close to selling the stake to U.S. rival Affiliated Managers Group.

"Old Mutual confirms that it has received approaches from third parties to acquire its stake in OMAM. There can be no certainty that these approaches will lead to any transaction."

Old Mutual also confirmed it was continuing to assess routes to splitting up its four main businesses.

Old Mutual reported adjusted operating profit before tax of 1.7 billion pounds ($2.46 billion) and had 304 billion pounds of funds under management from core operations for the year ending Dec. 31.