Old Mutual has sold the final tranche of its large interest in Old Mutual Asset Management to China’s HNA Capital, retaining only 5.5% in its US arm. The insurer sold 24.5% of its 50.8% interest in the asset manager in two phases for combined proceeds of $446m. Between the first tranche and the final tranche, Old Mutual sold the bulk of its holding through a public offering, leaving it with a 5.5% share. This stake "should be viewed as a liquid asset available for realisation", according to Rob Leith, the insurer’s director of managed separation. Old Mutual is in the middle of separating its four core businesses — OM Asset Management, Nedbank, emerging markets and wealth — into independent businesses, with wealth and emerging markets set to be listed in 2018. As its asset management arm and Nedbank are already listed, it is selling down its stake in OM Asset Management and plans to unbundle its 54% share in Nedbank to shareholders in a new holding company that will house emerging ma...

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