Old Mutual to sell stake in US asset manager

OLD MUTUAL is preparing to sell a further stake in OM Asset Management (OMAM), the boutique asset manager it spun off in a float on the New York Stock Exchange last year.

The Anglo-South African investment, savings, insurance and banking group, which is listed on the FTSE 100, yesterday said it would use the proceeds of the sale for general corporate purposes.

The number of shares to be offered and the price range for the proposed offering have not yet been determined.

The offering, which follows sales of 21 per cent of the business, is to be made through global coordinators and joint book-running managers BofA Merrill Lynch, Morgan Stanley & Co, Citigroup, and Credit Suisse Securities (USA).

Old Mutual said that Boston-based OMAM will not sell any shares in the offering and will not profit from it.