Old Mutual sells Dwight AM to Goldman Sachs AM
International long-term savings, protection and investment group Old Mutual plc (OML) announced on Wednesday that its asset management business, Old Mutual Asset Management (OMAM), has sold Dwight Asset Management (Dwight) to Goldman Sachs Asset Management (GSAM).
Subject to certain conditions, Dwight is expected to become a wholly-owned subsidiary of GSAM in the second quarter of 2012.
Dwight, an affiliate of OMAM, provides fixed income investment management services for institutional clients including retirement plans, corporations, public funds, insurance companies, financial institutions, endowments, foundations, and Taft-Hartley plans.
Dwight had unaudited gross assets of $22.2 million at 31 December 2011 and Assets Under Management of $33.2 billion as at 30 September 2011.
Peter L. Bain, OMAM's Chief Executive Officer, said: "For OMAM, the transaction will free up capital to redeploy into our global distribution and asset management franchise. We remain committed to building our multi-boutique business around long-term, institutionally-driven, active asset management."