Asia Unhedged | Old Mutual confirms sale of asset management unit to China’s HNA
A building of HNA Group in Beijing, China, 17 November 2014. Photo: AFP
A building of HNA Group in Beijing, China, 17 November 2014. Photo: AFP
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Old Mutual confirms sale of asset management unit to China’s HNA

The Chinese financial services firm will by a 25% stake

March 28, 2017 11:24 PM (UTC+8)

Old Mutual has confirmed a deal to sell a 25% stake in the company’s asset management business for the sum of US$445 million.

The Financial Times reports that the UK firm will reduce its stake in Old Mutual Asset Management from 51% to 26%.

The deal marks the latest in a string of overseas acquisitions by HNA, including a 25% stake in the Hilton hotel chain, a 4.76% stake in Deutsche Bank, and the largest stake in the US$12 billion SkyBridge Capital fund.

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