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 Taxicab Tenner: AXA IM's Nicolas Trindade

Taxicab Tenner: AXA IM's Nicolas Trindade

After a summer break, it is the turn of AXA Investment Manager's Nicolas Trindade to give a £10 view of how fixed income is faring.

Play Wealth Manager Olympics: the Relay

Wealth Manager Olympics: the Relay

In the final round of the Wealth Manager Olympics, our intrepid athletes team up for the relay.

Play Wealth Manager Olympics: the Shot Put

Wealth Manager Olympics: the Shot Put

After busting a gut in the 100m sprint, our wealth manager Olympians displayed their brute strength in the shot-put.

Read More
Your Business: Cover Star Club

Profile: gearing up for the shift from consolidation to start-ups

Profile: gearing up for the shift from consolidation to start-ups

‘I think the industry is evolving rapidly, but not necessarily as a whole,’ says the head of recently launched Charles Nicholson AM

Wealth Manager on Twitter