London-based Old Mutual will combine its asset management operations with Gerrard Investment Funds, the company announced today. John Ainsworth, CEO of Old Mutual Asset Managers, will oversee the newly merged operations.
Service provider Ridgefield Unit Trust Administration, a third-party service provider that works with Gerrard will also fall under the management Ainsworths management.
Edmond Warner, CEO of Old Mutual Financial Services said the move is aimed at "bringing a coordinated approach to our U.K. business" and establishing a consistent platform Old Mutual asset management unit.
The deal still must be approved by regulators.