Sep 4, 2017
OMG! Why would Old Mutual let Buxton leave OMGI?
Old Mutual is the latest to find this out, having recruited star manager Richard Buxton from Schroders four years ago. Over the weekend, media reports revealed that Mr Buxton was in talks with private equity groups - including TA Associates, a former backer of Jupiter - about a buyout of the £25bn "Single-strategy" unit of Old Mutual Global Investors, which he currently runs. For Mr Buxton - who is still feted for returning 267 per cent in 10 years at Schroder while speaking out on executive pay - Old Mutual's demerger plans represent the perfect opportunity to buy a ready-made boutique. If TA can edge the margin slightly nearer to Jupiter's 49 per cent, from Old Mutual Wealth's 30 per cent, there is easy money to be made. For Old Mutual, the trouble is that Mr Buxton appears to knows this.
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