Old Mutual gets controlling interest in growth equity firm

Old Mutual Asset Management will acquire a majority stake in Ashfield Capital Partners, a growth equity shop with $3 billion in assets, said Scott Powers, Old Mutual CEO. Under an agreement announced today, OMAM will acquire an initial 55% interest in the firm, with the option of gradually expanding its stake to 85%. Ashfield, with its established large-cap growth strategy and a strong small-cap growth strategy just coming up to its three-year track record, will help balance the value-heavy equity offerings of Old Mutual's money management boutiques, Mr. Powers said. Ashfield will target institutional, retail and high-net-worth investors.