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.
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.”