A&O is advising Old Mutual Wealth (OMW) on the disposal of its single strategy asset management business (the Single Strategy Business) to funds managed by TA associates and the Single Strategy Business management team for consideration of approximately £600 million.

The transaction takes place against the backdrop of the managed separation of OMW from the wider Old Mutual plc group and proposed listing of OMW, on which A&O is also advising. The consideration is £570 million payable in cash on completion, with approximately £30 million anticipated to be payable thereafter, paid primarily in 2019 to 2021 as surplus capital associated with the separation from OMW is released in the business.

Corporate partner Stephen Mathews comments: “We are delighted to represent Old Mutual Wealth on the sale of its Single Strategy Asset Management Business.  This transaction forms an important part of the development of Old Mutual Wealth in the lead up to its upcoming Managed Separation from Old Mutual plc.”

The A&O team was led by Corporate partner Stephen Mathews and senior associate Monika Przygoda.  The team also comprises Corproate partners Alun Eynon-Evans and Karan Dinamani, associates Daniel Ireland and Anna Jenkinson. IP and transitional services advice was provided by partner Jim Ford and senior associates Tegan Cohen, Andrew Kenning and Peerpoint consultant Stuart Grey; regulatory and funds advice by partners Pavel Shevtsov and Etay Katz, counsel Tamara Cizeika, Peerpoint consultant Lodewijk van Setten,  and senior associates Sean Schneider and Jo Broadwith.  Partner Paul McCarthy, senior associate David Cummings and associate Gordon Bartlett provided Employment and benefits advice, senior associate Jonathan Wolinsky provided real estate advice, tax advice from partner Lydia Challen and senior associate Mark Spinney and banking from senior associate Kunal Katre.