Old Mutual Asset Management's [see profile] U.S. initial public offering may have been pushed back, but that doesn't mean it can't sell off a piece or two in the meantime. Reuters' Jessica Toonkel reports that the multi-boutique asset manager (the U.S. arm of the British and South African insurer) has put fixed income shop Dwight Asset Management on the block, with Morgan Stanley as the banker.

Spokesmen for Morgan Stanley and Old Mutual declined to comment to the wire service, and a Dwight spokeswoman did not return requests for comment.

Meanwhile, early in September news broke that Old Mutual selling its U.S. mutual fund business (with $2.3 billion in assets) to Touchstone Investments [see MFWire.com, 9/7/2011].

Burlington, Vermont-based Dwight, which boasted about $45 billion in assets under management as of June 30, specializes in stable value funds for retirement plans like 401(k)s, but it also offers institutional money market funds and subadvises three Old Mutual fixed income mutual funds: $8.8-million, five-star Old Mutual Dwight High Yield Institutional (ODHYX); $71.7-million, two-star Old Mutual Dwight Intermediate Fixed Income (OAFJX); and $149.7-million, two-star Old Mutual Dwight Short-Term Fixed Income (OIRAX). 

Edited by: Neil Anderson, Managing Editor


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