Quilter plc has today completed the £583m ‘disposal’ of Old Mutual Global Investors to the single-strategy management team led by OMGI CEO Richard Buxton and funds managed by TA Associates, the global growth private equity firm.
As reported, the transaction was announced on 19 December 2017, with the economic ownership of the business passed to the acquirer effective from 1 January 2018.
Buxton, pictured above, said that the team were “thrilled” to complete the £583m deal – comprising £576m upfront and an additional £7m of deferred consideration – and confirmed that the company would be rebranded later this year.
“With the backing of TA Associates, I have every confidence that we will grow substantially from here,” he said. “We are now preparing for the next big development: renaming the business later in the year. We look forward to sharing more information on this in due course.
“As ever, our priority remains running distinctive, genuinely active funds. In my view, volatility is set to make a comeback as central banks end the extraordinary monetary policy experiment of the last decade; we are committed to helping clients navigate this unprecedented market environment.”
Christopher Parkin, managing director at TA Associates, said that the OMGI single-strategy business is among the UK’s fastest growing retail and institutional asset managers.
“We believe the firm has tremendous potential to capitalise on strategic opportunities, both in the UK, as well as internationally,” said Parkin. “We are very excited to begin our partnership with Richard and the OMGI team.”
In September 2017, the parent company of Old Mutual Global Investors, Old Mutual Wealth (now Quilter plc) announced its intention to develop the multi-asset and single-strategy teams of Old Mutual Global Investors as separate, distinct businesses.
In December 2017 Quilter plc announced that it had agreed to sell the single-strategy business to the single-strategy management team and funds managed by TA Associates, the global growth private equity firm.
The multi-asset business, which focuses primarily on providing investment strategies across multiple different asset classes, will remain a part of Quilter plc.