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Report: Old Mutual Global Investors CEO on verge of spinoff

Old Mutual Global Investors (UK) Ltd. CEO Richard Buxton is on the verge of buying the company's single strategy business for £550 million, Sky News reported, citing a banking source.

Old Mutual Global Investors is part of the Old Mutual Wealth business of Old Mutual Plc, which is in the midst of a four-way split-up.

Buxton will be backed by TA Associates Management LP, a former shareholder in Jupiter Fund Management Plc, according to the source, who added that an announcement is likely Dec. 15 or in the week of Dec. 18. Buxton was reportedly leading efforts to purchase the single-strategy business, which manages about £25 billion in assets, after Old Mutual Wealth split its fund management business into two, choosing to focus on the multiasset business led by Paul Simpson.