Old Mutual sells its stake in Rogge Global Partners
Old Mutual recently sold all of its shares in Rogge Global Partners to investment manager Allianz Global Investors for an undisclosed sum, leaving it with just two fixed-income businesses.
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According to William Baldwin-Charles (pictured), Head of Corporate Affairs at Old Mutual, the company sold Rogge to Allianz as they believed it was in the best interests of Rogge's clients and Old Mutual itself to have Allianz's distribution capabilities supporting the business. Baldwin-Charles said that Rogge was "a very good fit for Allianz, complementing and further strengthening its fixed income offering."
According to the company, Old Mutual was unsuccessful in gleaning consistent performance from Rogge, which saw net outflows of £6.3bn in 2014. By December 2014, it managed £32.3bn in assets.
The deal is Old Mutual CEO Bruce Hemphill's second major disposal since Old Mutual sold off parts of its Bermudan unit to Beechwood Bermuda in December 2015. The deal is expected to be finalised in the second quarter of this year.