Old Mutual Asset Management, the US asset management group of Old Mutual plc, has reached an agreement to acquire a majority stake in a newly-formed investment advisor, Ashfield Capital Partners.
Under the terms of the agreement, Ashfield & Co, a $3 billion stock management boutique and Ashfield Capital Partners’ (ACP) creator, will contribute all of its assets to ACP. Old Mutual Asset Management will then initially acquire a 55% interest in the new firm, with the intention to ultimately increase its ownership to 85%.
Ashfield represents a strong growth-oriented addition to our affiliate line up, and I am delighted to welcome the firm to the Old Mutual Asset Management family, Scott Powers, chief executive officer of Old Mutual US, said.
As an affiliate of Old Mutual Asset Management, ACP will enjoy investment and operational autonomy.