Old Mutual sells asset management subsidiary to Goldman Sachs

Old Mutual has sold Dwight Asset Management to Goldman Sachs Asset Management, to help free up capital for Old Mutual Asset Management.

The move should see Dwight become a a wholly-owned subsidiary of GSAM in the second quarter of 2012. 

Dwight, which is an affiliate of Omam, provides fixed income investment management services for institutional clients including retirement plans, corporations, public funds, insurance companies, financial institutions, endowments, foundations, and Taft-Hartley plans.

Peter L. Bain Omam's chief executive officer, said: ‘For Omam, the transaction will free up capital to redeploy into our global distribution and asset management franchise.

‘We remain committed to building our multi-boutique business around long-term, institutionally-driven, active asset management.’

Dwight had gross assets of $22.2 million at 31 December 2011 and assets under management of $33.2 billion as at 30 September 2011.