Wealth Manager - the site for professional investment managers

Register to get unlimited access to 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 Kames' Ennett: Trump good for US high yield, but beware Europe

Kames' Ennett: Trump good for US high yield, but beware Europe

Kames Capital’s head of high yield David Ennett believes the changing political landscape will be a positive for the US, but negative for Europe in 2017.

Play Philip Milburn: why inflation won't run out of control

Philip Milburn: why inflation won't run out of control

Kames bond fund manager views inflation as more of 'scare' than a 'problem' and is positioning his portfolios accordingly.

Play Henderson's Lofthouse on merger boost and political risk

Henderson's Lofthouse on merger boost and political risk

Ben Lofthouse talks through where he is finding income and what surprises await the global economy in the new year.

Read More
Your Business: Cover Star Club

Profile: 'a lot of the hard work is done' says Charles Stanley

Profile: 'a lot of the hard work is done' says Charles Stanley

We’ve turned a corner, and there is positive momentum behind Charles Stanley says Charles Stanley's private client head

Wealth Manager on Twitter