Old Mutual acquires Landmark

Old Mutual Asset Management has purchased a majority stake in the firm less than two months after former owner Religare sold its interest.

Landmark Partners has been acquired by Old Mutual’s asset management unit almost two months after the secondaries firm’s previous owner, Religare Enterprises, announced it was selling its stake back to management, Secondaries Investor  reports.

OM Asset Management (OMAM) will pay about $240 million in cash at closing for a 60 percent equity stake in Landmark, according to a statement.

The deal is expected to close by 31 August.

“OMAM provides strategic and operational benefits to Landmark, including global distribution capability and new product development,” Francisco Borges, managing partner at Landmark, said.

“We are thrilled to enter into this partnership with OMAM, which is structured to ensure alignment with the interests of our investors and organisation.”

The acquisition will not affect Landmark’s investment process, investment decision authority or investment teams and there are no personnel departures, according to the statement.

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