Back To List Print Page
  • Seller
  • Buyer
  • Type
  • Date Announced
  • Seller AUM
  • Selected assets of Old Mutual Asset Management’s U.S. mutual fund business
  • Touchstone Advisors, Inc. (Western & Southern Financial Group)
  • Mutual Fund
  • October 4, 2011
  • $2.1 Billion

Seller Details

Old Mutual Asset Management (OMAM) is a global multi-boutique investment organization, managing and growing a diverse portfolio of asset managers that serve institutional and individual investors around the world. The assets under management of OMAM's 18 affiliated investment firms were $260 billion as of June 30, 2011. OMAM is the name through which Old Mutual (U.S.) Holdings Inc. conducts its U.S. asset management business. Its parent company is London-based Old Mutual plc.

Old Mutual plc is an international long-term savings, protection and investment Group. Originating in South Africa in 1845, the Group provides life assurance, asset management, banking and general insurance to more than 15 million customers in Europe, the Americas, Africa and Asia. Old Mutual plc is listed on the London Stock Exchange and the Johannesburg Stock Exchange, among others.

Buyer Details

Touchstone Investments is a mutual fund company committed to providing investors with access to institutional asset managers who act in a sub-advisory capacity. While its subadvisors are held to strict performance standards, they work with a large measure of independence and operate within their own demonstrated areas of expertise. Touchstone’s rigorous asset manager evaluation process and robust oversight approach are designed to ensure delivery on Touchstone’s commitment of achieving competitive long-term results. The Touchstone Funds are advised by Touchstone Advisors, Inc., a registered investment advisor, and are distributed nationally through intermediaries including broker-dealers, financial planners and institutions by Touchstone Securities, Inc., a registered broker-dealer and member FINRA/SIPC.

With a heritage dating back to 1888, Western & Southern Financial Group (Western & Southern) is a Cincinnati-based Fortune 500 diversified family of financial services companies with assets owned, managed and under care in excess of $53 billion as of June 30, 2011.  Western & Southern is one of eight groups in the world to earn Standard & Poor’s AA+ rating for its life insurance units, and is consistently recognized by A.M. Best, Moody’s and Fitch for financial strength and sound management.

Transaction Summary

Touchstone Advisors, Inc. (Touchstone), a wholly owned subsidiary of Western & Southern Financial Group, has entered into a definitive agreement with OMAM, the U.S.-based global asset management business of Old Mutual plc, and its subsidiary Old Mutual Capital, Inc. (OMCAP) for Touchstone to acquire selected assets of OMAM’s U.S. mutual fund business. The acquisition will increase Touchstone’s assets under management to nearly $10 billion and add several new sub-advisors to its current roster of fund managers.  Terms were not disclosed.

Consummation of the transaction is subject to certain conditions and approvals and is expected to be completed early in the second quarter of 2012. Upon the completion of the transaction, 17 Old Mutual Funds will be reorganized into Touchstone Funds with OMAM’s affiliated investment managers continuing as sub-advisors to a significant majority of those Funds.

Back To List