Newspaper article International New York Times

Old Mutual Asset Management Unit Draws Interest

Newspaper article International New York Times

Old Mutual Asset Management Unit Draws Interest

Article excerpt

The London-based financial services company said in March that it would pursue a breakup and separate into its four main businesses.

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 OM Asset Management.

The company, which is listed in London and Johannesburg, said in March that it would split into four main businesses. Old Mutual's operations include insurance, asset management and banking.

Old Mutual decided to pursue a breakup after a strategic review announced in November when the former Standard Bank executive Bruce Hemphill took over as chief executive.

The company did not indicate who had approached it regarding the OM Asset Management stake.

"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," the company said in a news release on Tuesday. …

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