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Rating:Old Mutual Sells Off a Dwight Fund Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, October 18, 2011

Old Mutual Sells Off a Dwight Fund

News summary by MFWire's editors

Is there another clue as to the fate of Old Mutual's[see profile] Dwight Asset Management business?

Morningstar reports that First Eagle Investment Management [see profile] adopted the Old Mutual High Yield fund.

The fund's co-PMs, Edward Meigs and Sean Slein, joined First Eagle earlier this month from Dwight, which was reportedly put on the block by Old Mutual earlier this month.

Meanwhile, the SEC filing related to the change reports that:

The parent company of Old Mutual Capital, Inc. ("OMCAP") has reached a definitive agreement to sell the portion of its retail asset management business related to the Old Mutual High Yield Fund (the Fund") to First Eagle Investment Management, LLC ("First Eagle"). As a result, OMCAP, the investment manager to the Fund, a series portfolio of Old Mutual Funds II (the “Trust”), expects to propose to the Board of Trustees of the Trust that it approve a reorganization of the Fund into a newly formed mutual fund on the First Eagle platform with substantially the same objectives, investment strategies and risks as the Fund." 

Edited by: Hung Tran

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