Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Has Old Mutual Found a Buyer for its Mutual Fund Biz? Not Rated 5.0 Email Routing List Email & Route  Print Print
Wednesday, September 07, 2011

Has Old Mutual Found a Buyer for its Mutual Fund Biz?

Reported by Neil Anderson, Managing Editor

Old Mutual's [see profile] IPO plans for its U.S. business may no longer include the mutual fund arm. Today Reuters' Jessica Toonkel reports that, according to anonymous sources, Old Mutual is in talks to sell the business to Cincinnati-based Touchstone Investments [see profile], with Berkshire Capital advising on the sale.

The MFWire.com could not immediately reach Berkshire Capital president and CEO Bruce Cameron, or a spokesperson for Touchstone, for comment. A spokeswoman for Old Mutual declined to comment.

Last month Old Mutual plc CEO Julian Roberts said that the British and South African firm may push back the entire U.S. asset management arm IPO to later than 2012, because "the markets are not good" [see MFWire.com, 8/11/2011].

According to Reuters, Old Mutual boasts 18 affiliates and $260 billion in assets under management in the U.S., including $2.3 billion in 17 mutual funds. Touchstone has $7.4 billion in fund assets.

Fundster consultant Geoff Bobroff talked to Reuters about the possible deal.

"The risk for Touchstone is if they transition to their own managers, whether financial advisers will stick around," Bobroff told the wire service. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

5.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2019
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use