The IPO window for mutual funds appears to have slammed shut with the European crisis. While Manning & Napier and Artisan Partners fingers may have been painfully caught in the slamming, Old Mutual Asset Management
CEO Peter Bain
found a buyer in Touchstone.
| Peter Bain|
Old Mutual Asset Management
Incoming President and CEO
A bigger sale is not on the horizon. Bain told Pensions & Investments
that an IPO is not urgent. That shouldn't come as a surprise, given the current market environment.
Bain, who's had a very busy eight months since taking over as CEO of Old Mutual Asset Management in February, told the pub: "What really matters is getting our business performing at a level we want to get it to."
Bain has reorganized OMAM's leadership structure and more recently, bid adieu to U.S. retail distribution affiliate OMCAP Investors and inked a deal to sell $2 billion of mutual fund assets to Touchstone Investments
"For us to partner and participate with them (Touchstone) as subadvisers is more consistent with our group's focus on managing institutional-driven, active investment strategies," he said.
Bain is mum on industry murmurs on Old Mutual affiliate Dwight Asset Management
possibly being up for sale.
Armie Margaret Lee
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