On June 29, 2018, Quilter announced the completion of the sale of its asset management business to TA Associates.
Under the terms of the agreement, Quilter plc (“Quilter”) sold its single strategy asset management business, Old Mutual Global Investors (OMGI) for a cash payment of £576 million and an additional £7 million of deferred consideration to be paid in full by 2021, not subject to performance conditions, to funds managed by TA Associates. The economic ownership of OMGI passed to the funds managed by TA Associates on January 1, 2018.
Quilter (JSE:QLT/LON:QLT) is a wealth management firm based in the United Kingdom that specializes in financial services, investment solutions and discretionary fund management. Quilter has £111.6 billion in customer investments as at 31 March 2018.
TA Associates is a global growth private equity firm based in Boston that specializes in buyouts and minority recapitalizations.
To read the press release: please click here.