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Old Mutual confirms approaches for stake in U.S. fund arm
May 24, 2016 / 6:55 AM / a year ago

Old Mutual confirms approaches for stake in U.S. fund arm

The Cape Town headquarters of Anglo-South African financial services company Old Mutual are shown in this picture taken March 7, 2016.Mike Hutchings

LONDON (Reuters) - Anglo-South African financial services company Old Mutual (OML.L) on Tuesday confirmed it had received multiple approaches from potential buyers of its stake in U.S. fund firm Old Mutual Asset Management (OMAM).

The company said it was responding to media speculation after the Financial Times on Monday evening reported it was close to selling the stake to U.S. rival Affiliated Managers Group (AMG.N).

"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," it said in a statement.

Old Mutual also confirmed it was continuing to assess routes to splitting up its four main businesses.

The Group reported adjusted operating profit before tax of 1.7 billion pound and had 304 billion pounds of funds under management from core operations for the year ending Dec. 31.

Reporting by Maiya Keidan; editing by Simon Jessop

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