Fresh bidders circle Old Mutual’s US asset management arm

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Old Mutual has held sale talks for a $900m (£719m) main stake in its US asset management business with suitors including Advent and HNA Group.

The insurer has held initial meetings with interested buyers for Old Mutual Asset Management but has not worked out a final agreement, according to the Financial Times.

HNA Group is reportedly interested in a majority stake in OMAM.

TPG was once interested in buying a stake in OMAM, but has now withdrawn.

Affiliated Managers Group was also once interested, and held talks with Old Mutual last spring, but has not made a deal yet.

Old Mutual reduced its 66 per cent stake in OMAM to 51 per cent in December, and promised to not sell more shares for 60 days.

However, OMAM’s management are trying to stall the deal.

The firm has announced plans to add to its investment management portfolio, but has only made one purchase in six years.

The uncertainty around the firm’s intentions may put off potential buyers, according to the FT.