Quilter announced on the stock exchange it has completed the sale of Old Mutual Global Investors (OMGI) to TA Associates for £583m. The transaction is made up of £576m upfront payment, with an additional £7m expected to be received by 2021.
Quilter listed as a standalone company on 25 June, separating from former parent Old Mutual, with a valuation of £2.7bn.
It continues its strategy announced early last yearto separate its retained multi-asset business from the single-strategy business sold as part of the OMGI transaction and it is reported this is likely to cost £20m.
The business will be renamed later in the year.
OMGIs Richard Buxton says: “With the backing of TA Associates, I have every confidence that we will grow substantially from here.”
TA Associates managing director Christopher Parkin says: “(OMGI’s) single-strategy business is among the UK’s fastest growing retail and institutional asset managers, and we believe the firm has tremendous potential to capitalise on strategic opportunities, both in the UK, as well as internationally.”
Gunner & Co. represent Quiter Private Client Advisers in IFA acquisitions – if you would like to know more about selling your IFA business contact louise.jeffreys@gunnerandco.com
