View more on these topics

Quilter completes sale of single-strategy OMGI business

Richard-Buxton-600x385.jpg
Richard Buxton

Quilter has completed the sale of Richard Buxton’s single-strategy business Old Mutual Global Investors to TA Associates for £583m.

The firm says in a stock exchange announcement the transaction comprises an upfront cash consideration of £576m and an additional £7m of deferred consideration which will be received by 2021.

Quilter listed as a standalone company on 25 June, separating from former parent Old Mutual, with a valuation of £2.7bn.

It continues work to separate its retained multi-asset business from the single-strategy business sold as part of the OMGI transaction and says this is likely to cost £20m.

Old Mutual sells OMGI in £600m deal

Buxton says the business will be renamed later in the year.

He says: “With the backing of TA Associates, I have every confidence that we will grow substantially from here.”

TA Associates managing director Christopher Parkin says: “[OMGI’s] single-strategy business is among the UK’s fastest growing retail and institutional asset managers, and we believe the firm has tremendous potential to capitalise on strategic opportunities, both in the UK, as well as internationally.”

Recommended

Quilter lists with £2.7bn valuation

Quilter has listed on the London Stock Exchange valued at £2.76bn. The business, formerly Old Mutual Wealth, has separated from parent Old Mutual Plc with an offer price of 145 pence per share. Quilter chief executive Paul Feeney says: “We are delighted to be in a position to list as a standalone business and are […]

6

Steve Bee: Why we need an extra pension system

The problem with the pension system in this country is that our labyrinthine piles upon piles of bewilderingly complex rules and regulations are in place, by and large, to stop a tiny number of people from saving too much money. But the vast majority of the population save far too little for the future. This […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com