Old Mutual sells further stake in asset management arm

Old Mutual has sold another tranche of shares in its asset management arm.

The group now has just a 5.5 per cent holding in Old Mutual Asset Management as it continues to break up its business.

Old Mutual had held a majority stake but halved this in March by selling $446m (£355m) worth of shares to HNA Capital US.

The second tranche sale, which completed on Friday, will see a further $251m (£192m) sold to HNA.

Old Mutual has also announced that group finance director Ingrid Johnson will step down from the OMAM board with immediate effect after an agreement with shareholders as part of the IPO for OMAM.

In September this year, the group decided to separate Old Mutual Global Investors’ multi-strategy investment team from its single strategy one, arguing that both were strong enough to survive on their own before Old Mutual completes its “managed separation” next year.

Advice business Old Mutual Wealth, Old Mutual Emerging Markets and Nedbank are due to be separated, with separate businesses listed on the London and Johannesburg stock exchanges, but the timeframe for the move remains uncertain.