December 19, 2017 / 7:12 AM / 6 months ago

BRIEF-Old Mutual sells Buxton UK wealth business to TA Associates for $800 mln

* SALE OF SINGLE STRATEGY ASSET MANAGEMENT BUSINESS OF OLD MUTUAL WEALTH TO TA ASSOCIATES FOR £600 MILLION ($803.04 million)

* CASH CONSIDERATION OF £570 MILLION PAYABLE ON OR BEFORE COMPLETION, WITH APPROXIMATELY £30 MILLION ANTICIPATED TO BE PAYABLE THEREAFTER​

* ‍THERE IS NO CHANGE TO OLD MUTUAL WEALTH MULTI-ASSET BUSINESS​

* ‍AS AT 30 SEPTEMBER 2017, FUNDS UNDER MANAGEMENT (‘FUM’) FOR SINGLE STRATEGY BUSINESS WERE £25.7 BILLION​

* ‍NET CLIENT CASH FLOW (‘NCCF’) FOR 9 MONTHS TO 30 SEPTEMBER 2017 WAS £3.5 BILLION​

* ‍ADJUSTED OPERATING PROFITS FOR 6 MONTHS TO 30 JUNE 2017 WERE £36 MILLION, OF WHICH £17 MILLION WERE PERFORMANCE FEE RELATED​

* ‍PROFITS BEFORE TAX FOR YEAR TO 31 DECEMBER 2016 WERE £60 MILLION (OF WHICH £26 MILLION WERE PERFORMANCE FEE RELATED)​

* ‍GROSS ASSETS WERE £198 MILLION​ Source text for Eikon: Further company coverage: ($1 = 0.7472 pounds)

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