Parties interested in buying Old Mutual Global Investors (OMGI), headed by veteran manager Richard Buxton (pictured), have until 29 September to submit a tentative bid, sources have told the agency.
Old Mutual is believed to be aiming to sell for £500m.
The reports come after Old Mutual Wealth announced plans in early September to split its multi-asset arm and the single strategy OMGI business into two separate entities.
The split would create a £16bn multi-asset business led by Old Mutual Wealth’s (OMW) Paul Simpson.
Rumours Buxton himself has been eyeing a buyout of the single-strategy arm, OMGI, have also circulated.
The deadline for OMGI bids is the latest development in Old Mutual’s managed separation of its business into four separate branches, of which OMW is one.
OMW, made up of OMGI as well as Quilter Cheviot and adviser network Intrinsic, is expected to list on the stock market in 2018.
