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Ex-Gartmore owner H&F invited into OMGI sale

Ex-Gartmore owner H&F invited into OMGI sale

Business
A former investor in Gartmore, the asset manager, has been approached about backing a buyout of Old Mutual's £25bn fund management arm.Sky News has learnt that Hellman & Friedman, a US-based private equity firm, is among a number of parties being sounded out by Old Mutual as it tries to drum up a bumper auction of the business.A potential deal would see Richard Buxton, the star fund manager who runs Old Mutual Global Investors (OMGI), leading a buyout of the division's single-strategy operations.Any such transaction could value the unit at somewhere in the region of £550m, bankers said on Monday.If completed, it would rank among the most significant takeovers in the UK asset management industry, which is grappling with increasingly onerous regulation.Sky News revealed earlier this mont