Richard Buxton, chief executive of Old Mutual Global Investors, is on the brink of announcing a £550 million buyout of the single strategy arm of the business.
According to Sky News, Buxton’s management buyout of a £25 billion part of the company will be backed by TA Associates, a former private equity investor in Jupiter.
It was previously rumoured that two Australian financial institutions, Challenger and Macquarie Investment Management, were among a small number of bidders for the business.
TA Associates, Hellman & Friedman and CVC Capital Partners were also named as interested parties.
Sky News said that an announcement could come as soon as today, but is more likely to be next week.
That Buxton is looking to lead a buyout was first revealed back in September. The same month, Old Mutual Wealth announced that OMGI would be split into two with Paul Simpson taking over the £11 billion multi-asset arm which will remain with the business.