It’s official: Touchstone Investments has completed its acquisition of selected fund assets of Old Mutual Asset Management's U.S. mutual fund business.
Thirteen of the 17 acquired funds will retain their current Old Mutual affiliated sub-adviser. The addition of these Old Mutual Funds brings Touchstone's total fund lineup to 45, assets under management to nearly $12 billion and several new sub-advisors to its current roster of fund managers. The company announced the planned acquisition in October 2011.
"This acquisition reflects Touchstone's continued commitment to its primary mission - providing access to best-in-class, institutional money managers to a wide range of investors through our mutual funds," stated Steven M. Graziano, president of Touchstone Investments.
"With the addition of these Old Mutual Funds and their affiliated managers, Touchstone increases the range of funds we offer and enhances our current offerings - particularly in the areas of U.S. Equity, Non-U.S. Equity, Asset Allocation, and Alternatives funds."
Touchtone has been on an acquisition spree. Earlier this month, the firm announced the acquisition of 16 mutual funds from Fifth Third Asset Management Inc., expanding Touchstone's fund offering and providing access to Fifth Third Bancorp's premier distribution system.
Hung Tran writes for Money Management Executive.