Old Mutual Wealth sold to Buxton
Fund manager leaves insurance giant with not only the wealth fund but also private equity group TA Associates, both for £600m
Insurer Old Mutual has finally let superstar fund manager Richard Buxton go, selling the single-strategy business he runs at Old Mutual Wealth to him and his team, together with private equity group TA Associates, for a lower-than-expected £600m. The wealth manager, which intends to list on both the JSE both and London in 2018, said on Tuesday Buxton and TA Associates would pay £570m in cash for Old Mutual Global Investors’ largest business by assets managed. The rest of the purchase is to come in the form of surplus capital meant to accrue to Old Mutual Wealth as its parent’s managed separation process completes. “A hiccough in the managed separation has been Richard Buxton and the single strategy business in Old Mutual Wealth,” said Rahima Cassim, portfolio manager at Ashburton Investments. “Rumours of his exit to set up a boutique asset manager have been doing the rounds for a while and management alluded to this earlier this year, so this is not unexpected.” In November, the £23...
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