Old Mutual plc of London is selling Suffolk Capital Management, a former subsidiary of United Asset Management, to Ohio National Financial Services Inc., for an undisclosed sum, the companies announced today.
Suffolk, an institutional small- and large-cap growth manager, was one of UAMs 40 subsidiaries before UAM was acquired by Old Mutual in September 2000 in a deal that totaled $2.2 billion.
As of Sept. 30, New York-based Suffolk Capital Management had approximately $2.8 billion in assets under management in institutional accounts and limited partnerships with individuals, according to the company.
The acquisition is expected to broaden Ohio Nationals management capabilities and allow the Cincinnati-based insurance company to develop new investment fund options for its clients, said David OMaley, CEO of Ohio National.
Currently, the firm manages approximately $10.3 billion in assets under management in variable life, variable annuities, retirement and pension products as well as traditional life and disability insurance. The firms VA product include over 40 different investment choices, including six funds advised by Ohio National, the company said.
Pending shareholder approval, the Ohio National plans to hand over $100 million in equity portfolios to Suffolk. "Our life insurance and asset accumulation businesses represent our strategic growth areas, and we anticipate that Suffolk will help us further capitalize on these strengths by giving us additional investment management resources," Maley said in a statement.