Old Mutual approaches Gartmore investor for Buxton-led buyout

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Old Mutual has approached the US firm that invested in Gartmore to facilitate a buyout of the single strategy division of the asset manager, led by OMGI chief executive and star fund manager Richard Buxton.

Hellman & Friedman is among the private equity houses that have been sounded out by Old Mutual, alongside Cinven and CVC Capital Partners, Sky News reports.

The single strategy asset manager could be valued at around £550m.

Hellman & Friedman bought Gartmore in 2006 before relisting it on the London Stock Exchange three years later. It was later acquired by Henderson Global Investors, now Janus Henderson.

TA Associates, which used to own Jupiter, has previously been named as involved in the OMGI talks.

The buyout, part of Old Mutual’s managed separation, would result in a company with £25bn assets under management. Paul Simpson would then head Old Mutual’s remaining multi-asset business.

Sky News reported Affiliated Managers Group and Natixis are also likely to be approached about backing the deal.