The London-based financial services firm Old Mutual said on Tuesday that it was approached by several potential buyers interested in its controlling stake in its Boston-based business OM Asset Management.
Following a report from the Financial Times on speculation that the Old Mutual board has endorsed a deal to sell its 66% stake in the US business to Affiliated Managers Group, Old Mutual said it has continued to assess its options but had not finalized any agreement.
“In response to media speculation, Old Mutual can confirm that it is continuing to assess the options available to it with regard to the preferred route to effect the managed separation announced on 11 March 2016. We will update the market as and when appropriate. As a consequence of the decision to proceed with the managed separation of Old Mutual, we expect to receive interest in our assets periodically. With regard to OM Asset Management plc, Old Mutual confirms that it has received approaches from third parties to acquire its stake in OMAM. There can be no certainty that these approaches will lead to any transaction or any certainty as to the terms on which any such transaction might proceed. Further statements will be made if and when appropriate”, said in a news release on Tuesday.
The company, which is listed in London and Johannesburg, said in March that it would split into four main businesses (Old Mutual Wealth, Old Mutual Emerging Markets, Nedbank and OM Asset Management) by the end of 2018.