Touchstone Investments will acquire Old Mutual Asset Management’s roughly $2 billion in mutual fund assets, the two firms announced Tuesday.
Terms of the deal weren’t disclosed.
The majority of the 17 Old Mutual funds that will join the Touchstone lineup will remain standalone funds and will continue to be subadvised by the Old Mutual affiliates currently managing them, said Sharon Karp, Touchstone spokeswoman.
That would result in as many as 10 Old Mutual affiliates joining Touchstone’s current lineup of 18 subadvisers, Ms. Karp said.
Barring big market shifts, the acquisition would boost Touchstone’s assets under management to nearly $10 billion, according to a joint news release by Touchstone and OMAM.
The deal is expected close by the second quarter of 2012.
Berkshire Capital advised OMAM on the transaction. Ms. Karp said no one advised Touchstone.