Star quality

19 December 2017 By Aimee Donnellan Follow @aimeedonnellan

Veteran Richard Buxton and private equity group TA Associates are buying the company’s “single strategy” investment arm for 600 million pounds. It’s another step forward in Old Mutual’s streamlining and breakup plan, but the acquirers look to be getting the best of the deal.

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Anglo-South African financial services group Old Mutual said on Dec 19 it would sell its UK Single Strategy asset management business, which is run by star stock picker Richard Buxton, to private equity firm TA Associates for around 600 million pounds.

The sale of the unit of Old Mutual Wealth is part of a planned break-up of the group.

TA Associates is paying 570 million pounds in cash on or before completion, with some 30 million pounds payable afterwards, between 2019 and 2021, Old Mutual said in a statement. The Single Strategy unit has around 26 billion pounds under management.

Old Mutual shares were up nearly 4 percent at 220.9 pence at 1000 GMT.

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