Buxton confirms OMGI purchase

The chief executive of Old Mutual Global Investors and veteran fund manager Richard Buxton has confirmed the management buyout of OMGI. In a partnership with TA Associates, a private equity firm, Mr Buxton expects the £600m purchase to be completed by 23 December.
The transaction involves a “managed separation”: the asset management business will be kept apart from the multi-asset business of OMGI, which is not part of the deal and will be retained by the parent company. The branding of the new firm remains undisclosed.
Mr Buxton has been the chief executive of OMGI since 2015, after joining as a fund manager in 2013 from Schroders, a rival asset management firm. He commented on the purchase:
“The management team is delighted to be partnering with TA Associates to buy the single strategy business. I believe this is a good outcome for our customers and our staff.”