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Old Mutual Global Investors renamed following sale

Old Mutual Global Investors renamed following sale

Old Mutual Global Investors (OMGI) said it will be renamed to Merian Global Investors, following its sale to TA Associates.

The business will continue to operate as OMGI until the autumn, with the exact date of the renaming yet to be confirmed. 

The name is inspired by the life of the scientist, artist and adventurer Maria Sibylla Merian, the fund house said.

Relating to the purchase of OMGI, the firm said permanent employees are now participating in a remuneration structure that aligns them to the company’s long-term equity value.

Last December, Old Mutual Wealth agreed to sell its asset management business, OMGI, to private equity giant TA Associates for £600 million ($798 million). The sale was completed end June.

OMGI has confirmed it now has the majority of voting rights, controlled by the six investors who led the buyout Richard Buxton, Ian Heslop, Amadeo Alentorn, Mike Servent, Dan Nickols and Richard Watts. The remainder will be controlled by TA Associates.

Chief executive Buxton said: ‘The Merian name represents our core belief that investors should not be constrained by a ‘house view,’ demonstrating our understanding that investment can be considered both an art and a science.

‘We are dedicated to the continued development of an investment-led, specialised asset management business that offers differentiated investment strategies.

‘We understand the value our clients ascribe to ‘true’ active management; investing their money and faith in the understanding that we aim to manage funds that perform in line with their expectations. I, therefore, believe it is important that our investment teams have equity in the business, to further align their interests with those of our clients.’

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