Quilter confirms sale of Buxton's single-strategy OMGI business for £583m

New name announced in due course

Laura Dew
Richard Buxton, fund manager and CEO at OMGI

Richard Buxton, fund manager and CEO at OMGI

Quilter, formerly Old Mutual Wealth, has completed its disposal of Richard Buxton's single-strategy Old Mutual Global Investors (OMGI) business to TA Associates for £583m.

In a stock exchange announcement today, the firm said the transaction, which was previously announced in December 2017, comprised upfront cash consideration of £576m plus £7m in deferred consideration which will be received by 2021.  The board of Quilter said it would consider a special distribution to shareholders from the surplus sale proceeds once costs and the repayment of a £300m senior unsecured loan had been taken into account.  Quilter listed as a standalone company on 25 June, separating from former parent Old Mutual plc. This included the former multi-asset division of OMGI,...

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