Old Mutual: stock up 3% after sale of Single Strategy
(CercleFinance.com) - Up over 3% on the London Stock Exchange this morning, Old Mutual Financial Group shares are the sharpest riser on the FTSE 100 index, after the group's announcement of the sale of its Single Strategy division for around 600 million pounds (c.
680 million euros).
The payment will be broken down into 570 million pounds in cash, with the balance payable at a later date.
In detail, the wealth management division of the group, originally from South Africa, has sold this asset manager to its management team, coupled with the private equity fund TA Associates.
On 30 September, Single Strategy's total assets under management reached 25.7 billion pounds (just over 29 billion euros). In H1, the future former division of Old Mutual posted adjusted operating profit of 36 million pounds, against 2016 pre-tax profit of 60 million pounds.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
680 million euros).
The payment will be broken down into 570 million pounds in cash, with the balance payable at a later date.
In detail, the wealth management division of the group, originally from South Africa, has sold this asset manager to its management team, coupled with the private equity fund TA Associates.
On 30 September, Single Strategy's total assets under management reached 25.7 billion pounds (just over 29 billion euros). In H1, the future former division of Old Mutual posted adjusted operating profit of 36 million pounds, against 2016 pre-tax profit of 60 million pounds.
Copyright (c) 2017 CercleFinance.com. All rights reserved.