Old Mutual PLC has sold more shares in the Old Mutual Asset Management business.
The shares have been sold to HNA Capital US.
This is the second tranche of shares to be sold.
Old Mutual Asset Management is a separate business unit to Old Mutual Global Investors, which is the UK funds business headed by Richard Buxton.
Old Mutual Asset Management is a US investment management company.
With this share sale, the parent company, Old Mutual, now has just a 5.5 per cent shareholding in OMAM.
Last month reports emerged that Mr Buxton, who, in addition to his fund management responsibilities has been chief executive of Old Mutual Global Investors, is negotiating with potential private equity partners about potentially leading a management buyout of the company, which has assets under management of around £23bn.
Old Mutual Global Investors is to be split from its parent company, Old Mutual, next year in a “managed separation.”
Many investors took the view this would mean an initial public offering (IPO) for the unit.
If Mr Buxton does become part of a group launching a takeover offer for the company, it would be an extra tranche of the responsibility for the veteran investor.
Mr Buxton runs the £2.2bn Old Mutual UK Alpha fund, investors in the mandate have endured a tough time in recent years.
The fund has underperformed the IA UK All Companies sector in the slightly more than four years since Mr Buxton took the helm.
david.thorpe@ft.com
