Old Mutual property unit merges with UK firm

Old mutual (AFP)
Old mutual (AFP)

London - Money manager Old Mutual Global Investors (OMGI) said it would merge its Old Mutual Property Fund into Henderson Global Investors' Henderson UK Property OEIC, forming a £2.7bn ($4.32bn) fund.

The fund will continue to be managed by TIAA Henderson Real Estate after the merger, OMGI and Henderson Global Investors said in a joint statement. The combined portfolio would have 108 properties.

The Henderson fund has assets under management of about £2.3bn and is run by Ainslie McLennan and Marcus Langlands Pearse, while the Old Mutual fund has £437m worth of assets under management and is run by CBRE Global Investors.

OMGI is the asset management division of finance group Old Mutual wealth manager.

The news comes a week after the wealth manager, Old Mutual Wealth, said it would buy money manager Quilter Cheviot from European private equity house Bridgepoint, strengthening its focus on richer customers.

ALSO READ: Old Mutual to buy UK wealth firm

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