Old Mutual has bolstered its strategic distribution capability in Latin America with the acquisition of platform and distribution firm AIVA Business Partners.
AIVA Business Partners is based in Uruguay and employs 120 people who provide a network of services to IFAs, wealth managers and other institutions. The firm has $800m of assets under management.
AIVA and Old Mutual have worked together for the past 15 years, covering areas such as administration, servicing and investment. The deal, which is subject to regulatory approval, is set to conclude early next year.
Old Mutual Long Term Savings chief executive Paul Hanratty says: “The deepening of the relationship between Old Mutual and AIVA provides a firm base from which we can capitalise on opportunities in these fast-developing investment markets in an efficient and low capital manner.”