Old Mutual sells Old Mutual Wealth Italy for €278 millionStaff Writer | August 13, 2016
Old Mutual has agreed to sell Old Mutual Wealth Italy (OMWI) to ERGO Italia, owned by Cinven.
Selling The final part of the divestment
As at December 31, 2015, OMWI had €7 billion of funds under management and contributed €22 million of post-tax earnings for the year ending December 31, 2015.
The sale is the final part of the divestment of Old Mutual Wealth's continental European businesses allowing it to focus on its core UK and cross border markets. Proceeds will be retained by Old Mutual for general corporate purposes. ■