US/UK - Ohio National Financial Services has bought Old Mutual's New York-based institutional asset management business Suffolk Capital Management for an undisclosed amount.
The agreement, which has been approved by the boards of directors of both companies, is expected to be completed early next year. Once the acquisition is complete Suffolk Capital Management will add $2.8bn to Ohio National's existing $10.3bn assets under management.
Commenting on the deal, David O'Maley, chairman, president and CEO of Ohio National, said: We believe this transaction offers considerable benefits for Ohio National. It will help us significantly broaden our investment management capability, strengthen our equity asset management function and allow us to develop additional investment fund options for our customers. We are excited about the opportunity to build on our already strong growth.
Merrill Lynch acted as financial advisor to Ohio National, and JP Morgan acted as financial advisor to Old Mutual.
By Geoffrey Ho
Here are key takeaways from our 2019 Asset Allocation Outlook on how we are positioning asset allocation portfolios in light of our outlook for the global economy and markets.
This week's top stories included a Freedom of Information request revealing more than 100,000 savers could face six-figure tax bills as a result of GMP equalisation.
The Pearson Pension Plan has entered into a £500m pensioner buy-in with Legal & General (L&G) in the insurer's first deal of 2019.