Old Mutual Asset Management is planning to sell its U.S. mutual fund business worth $2.3 billion, Reuters reports. The subsidiary of London-based investment firm Old Mutual will sell the business to Touchstone Investments.

Following the acquisition, Touchstone, which has $7.4 billion in mutual fund assets, will be able to gain assets and potentially replace Old Mutual’s managers with its own third-party managers. The transaction is being managed by New York–based investment bank Berkshire Capital.

Click here for the story from Reuters.