Old Mutual agrees to sell Skandia Poland, part of Old Mutual Wealth, to Vienna Insurance Group.
As at 30 September 2013, Skandia Poland had funds under management of €414m (£347m) but Old Mutual refused to reveal how much it had been paid for the business.
The transaction is part of Old Mutual Wealth’s plans to “simplify” its operations in Europe and focus on a select number of core growth markets.
The transaction is subject to regulatory approvals and other customary conditions and is expected to take approximately six months to complete.
Last year the UK Skandia asset management businesses and Skandia platform within the Old Mutual group were merged into a single business and renamed Old Mutual Wealth.
