Touchstone Investments is buying Old Mutual Asset Management’s mutual fund assets worth some $2 billion, Pensions & Investments reports. The financial details of the transaction, likely to close by mid-2012, were not disclosed.
The bulk of the 17 Old Mutual funds being acquired by Touchstone will continue to be sub-advised by incumbent Old Mutual affiliates and will remain independent funds. The move will add 10 more sub-advisers to Touchstone’s existing 18 and boost its assets under management to some $10 billion. Berkshire Capital is acting as Old Mutual’s adviser on the deal.
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