Old Mutual Wealth is to carve a ready-made £16bn multi-asset business out of its fund management operations, running it separately from the existing single-strategy range of Old Mutual Global Investors (OMGI).
The move - revealed as media reports emerged of OMGI CEO Richard Buxton talking to private equity firms about a buy-out of that business - is part of a continuing refinement of Old Mutual Wealth's business model ahead of its ‘managed separation' from parent Old Mutual and own stockmarket listing next year. The multi-asset business, which comprises portfolio management of multi-asset funds and managed portfolio services as well as fund research, will be led by Paul Simpson. In addition to his appointment as CEO, Simpson will - subject to regulatory approval - become a member of the Old Mu...
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