Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Old Mutual sells Skandia Germany and Austria

Old Mutual sells Skandia Germany and Austria

Old Mutual has sold its Skandia business in Germany and Austria to focus on faster growing markets.

Skandia Germany and Skandia Austria, which were part of Old Mutual Wealth, have been acquired by a specialist Cinven and Hannover Re acquisition vehicle for €220 million (£183 million) in cash.

In a statement to the stock market, the firm explained: ‘The transaction is part of Old Mutual Wealth’s commitment to simplify its operations in Europe and focus on a select number of core growth markets.’

As at 31 December 2013, Skandia Germany and Skandia Austria had combined funds under management of €4.9 billion (£4.1 billion) and a post-tax profit for 2013 of €27 million (£22.4 million).

The transaction is subject to regulatory approvals but is expected to complete by the end of the third quarter of 2014. Old Mutual said it would retain the proceeds for ‘general corporate purposes’.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Navigating geopolitical risk with ETFs

Navigating geopolitical risk with ETFs

ETFGI’s Deborah Fuhr on how investors can use exchange-traded funds to position their portfolio.

Play Sarasin’s Boucher: why I like salmon with chocolate

Sarasin’s Boucher: why I like salmon with chocolate

Henry Boucher, manager of the £129 million Sarasin Food & Agriculture Opportunities fund, explains why he is gobbling up salmon and chocolate stocks.

Play Alibaba hype, the UK slowdown and opportunities in European sovereign bonds

Alibaba hype, the UK slowdown and opportunities in European sovereign bonds

Libby Ashby and leading wealth managers analyse what the Alibaba IPO hype means for Chinese equities, slowing growth of the UK economy and whether there’s anything left to play for in the European sovereign bond market.

Your Business: Cover Star Club

Profile: How David Esfandi is shaping Canaccord Genuity WM

Profile: How David Esfandi is shaping Canaccord Genuity WM

After six months as chief executive of Canaccord Genuity David Esfandi's ambitions are taking shape

Wealth Manager on Twitter