Old Mutual [profile] is done with asset management divestment for now, and it may even switch to the buyers' side of the table.

On Tuesday the British and South African bank and insurer confirmed that it is selling one of its U.S. institutional asset management boutiques, Dwight, to Goldman Sachs, after sending other books of business to First Eagle and Touchstone see MFWire.com, 2/8/2012]. And now Old Mutual Asset Management CEO Peter Bain says he's on the prowl for acquisitions of his own.

"I wouldn't mind a stronger active, long-term U.S. fixed income capability … and being larger in alternatives," Bain told Reuters. "We want to focus on longer-term institutional investment philosophies that can generate alpha in markets that are going to grow rapidly."

Bain also told the wire service that he has no further Old Mutual divestments on the table for now.

Reuters also mentions the status of Old Mutual's long-delayed public spinoff plans for the U.S. asset management arm [see MFWire.com, 8/11/2011]. Bain noted that he's not interested in amping up Old Mutual Asset Management's U.S. sales force. Yet Bain also insisted that he "will be hiring" to build up Old Mutual's non-U.S. asset management sales Force, especially in the UK and Scandinavia. 

Edited by: Neil Anderson, Managing Editor


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