OMAM acquires Landmark Partners in $240m deal


Old Mutual Asset Management has acquired private equity, real estate and real asset investment firm Landmark Partners.

The US asset manager, which is currently in the process of separating from parent company Old Mutual, will acquire a 60 per cent stake in the US firm. The deal is expected to close in Q3 this year.

OMAM chairman James Ritchie says: “Landmark Partners has built a dominant position in the secondary private equity, real estate and real asset space, having delivered close to three decades of excellent results for their clients.”

“Landmark fits comprehensively into our stated acquisition strategy, providing a leading platform in an increasingly important asset class, leveraging the strength of our global distribution group, expanding our range of active strategies for investors, and further diversifying our earnings base by broadening our participation in alternative investment strategies.”

OMAM president and chief executive Peter Bain says: “The depth and breadth of their management team are exemplary and we look forward to collaborating with them to grow their existing product set and further diversify their business into emerging secondary asset classes.

“Our global distribution team is excited about bringing Landmark into certain domestic channels as well as new markets outside the US. 

“Further, Landmark enhances the quality of our earnings through the stability of its committed capital-based revenue stream, and generates significant accretion to our ENI per share.”

OMAM also confirmed today it had negotiated for its ongoing liabilities to parent company Old Mutual, in the form of deferred tax and seed assets, to be paid off earlier than expected.

Last month, Old Mutual confirmed it had received approaches from third parties regarding plans sell its US asset management business as it seeks to break its business into four parts by 2018.