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Rating:Bain Says an OMAM IPO is Not Urgent Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, October 17, 2011

Bain Says an OMAM IPO is Not Urgent

News summary by MFWire's editors

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. 

Edited by: Armie Margaret Lee

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