Richard Buxton, the veteran fund manager who is chief executive of Old Mutual Global Investors, is reportedly poised to announce a deal to acquire the company from its parent, Old Mutual Wealth.
As FTAdviser previously reported, Mr Buxton said he expected to announce news of a deal by Christmas. Mr Buxton is due to leave the UK on holiday on 23 December, which means to meet the deadline by the end of next week.
According to Sky News Mr Buxton is backed in the £550m venture by private equity company TA Associates.
TA Associates has $18bn (£13.3bn) invested in 490 companies around the world, according to its website.
Assets under management at Old Mutual Global Investors are £25bn, and include the £2.3bn Old Mutual UK Alpha fund, which is run by Mr Buxton.
The £16bn multi-asset business is not included in any sale, as it was separated from Old Mutual Global Investors and placed within the Old Mutual Wealth Business.
Mr Buxton said if he “can do what he is trying to do with the business” it will have a majority of women on the executive committee of the company.