Old Mutual, a said it has further sold 15% stake in its U.S. fund firm Old Mutual Asset Management (OMAM).
The total number of shares for the stake is an equivalent of 17 million units of shares in the US fund firm.
As a result of this transaction, Old Mutual, the Anglo-South African financial services group has further reduced its minority stake in the US operations.
The sale of the stake is part of its plans to cut the group into four different entities.
It would be recalled that Old Mutual had sold 25% of its Chinese unit to HNA back in March this year for USD446 million.
Old Mutual disclosed that Morgan Stanley is its advisor on the transaction.
As the group moves closer its break up, there are tech upgrade problems at the Old Mutual’s UK fund management arm that might further delay the restructuring.