Old Mutual Asset Management
(OMAM), a unit of UK insurer Old Mutual, is to exit the US retail
mutual fund market following an agreement to sell its 17 US retail
mutual funds to Touchstone Investments for an undisclosed sum. For
Touchstone, the acquisition will bring with it 17 mutual funds with
total assets under management of some $2.3bn.
Under the agreement with
Touchstone, OMAM will act as a sub-advisor to the 17 funds.
Following the acquisition, Touchstone’s total mutual funds assets
under management will increase to about $10bn.
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In a statement, OMAM CEO
Peter L Bain said: “Our partnership with Touchstone allows Old
Mutual to focus on what we do best, namely manage
institutionally-driven, active asset management strategies through
our affiliates.”
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