Oct 22, 2017

Carlyle joins battle for OMGI fund business

US private equity group Carlyle has joined the heated takeover battle for Old Mutual Global Investors' £25bn fund business, with four parties now bidding for the investment arm run by star UK manager Richard Buxton. Carlyle joins Challenger and Macquarie Investment Management, two Australian financial services groups, and TA Associates, a buyout specialist that previously invested in British fund management boutique Jupiter, according to two people close to the process. Goldman Sachs is advising Old Mutual on the sale of Mr Buxton's asset management unit. The separation is aimed at enhancing the value of each of the four business units, comprising Old Mutual Wealth, Old Mutual Emerging Markets, Nedbank in South Africa and its US operation, OM Asset Management, in which it is selling down its stake. Mr Buxton made his name as a top-performing fund manager after running his Alpha Plus fund at Schroders for more than a decade.

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