By Ben Martin
LONDON, Sept 2 (Reuters) - The wealth management business of Anglo-South African insurer and financial services group Old Mutual (Taiwan OTC: 6407.TWO - news) has split its fund management business into two and is also considering a spin-off of one of the units, led by veteran British fund manager Richard Buxton.
But OM Wealth said in a statement on Saturday (Shenzhen: 002291.SZ - news) that there was also now an "opportunity" for both its multi-asset and single strategy fund management arms to "develop as separate and distinct businesses".
Old Mutual Global Investors, which is currently led by Buxton, will focus on the single-strategy business while Paul Simpson has been appointed chief executive of the multi-asset arm, which has 16 billion pounds ($21 billion) of assets under management.
OM Wealth said it will now work with the management of Old Mutual Global Investors to examine "internal and external structures for the single-strategy business to continue to develop it further."
A source familiar with matter said that options for the unit led by Buxton include a management buyout or an acquisition by a trade buyer.
Sky News earlier said on Saturday that Buxton, one of Britain's leading fund managers, has been approached by investors including private equity firm TA Associates about a buyout deal.
Old Mutual declined to comment on the report, while Buxton did not return emails requesting comment and no one at TA Associates could immediately be reached for comment. ($1 = 0.7720 pounds) (Reporting by Ben Martin; Editing by Simon Jessop, Greg Mahlich)