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Buxton nears buyout of Old Mutual funds business

Sky News reports Old Mutual Global Investors chief executive Richard Buxton on brink of announcing £550 million buyout of part of the business.

Buxton nears buyout of Old Mutual funds business

Old Mutual Global Investors (OMGI) chief executive Richard Buxton is close to announcing a £550 million buyout of part of the business, according to Sky News.

Buxton’s management buyout of the funds business, excluding its £11 billion multi-asset division, will be backed by TA Associates, a former private equity investor in Jupiter Fund Management (JUP).

It was previously rumoured that two Australian financial institutions, Challenger and Macquarie Investment Management, were among a small number of bidders for the business, which managed £25 billion of assets.

TA Associates, Hellman & Friedman and CVC Capital Partners were also named as interested parties.

Sky News said that an announcement could come as soon as today, but was more likely to be next week.

Buxton is manager of the £2.4 billion Old Mutual UK Alpha fund. News he was looking to buy out Old Mutual's funds business was first revealed back in September.

The same month, Old Mutual Wealth announced that OMGI would be split into two, with Paul Simpson taking over the £11 billion multi-asset arm.

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