Old Mutual Asset Management, the Boston asset management subsidiary of London-based Old Mutual PLC, has announced a deal for a majority interest in ForstmannLeff, a New York investment management firm specializing in domestic equity strategies.
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The deal is expected to close by Oct. 31. As part of the agreement, some investment professionals from an Old Mutual affiliate, Liberty Ridge Capital, are to join ForstmannLeff to establish investment teams in Wayne, Pa., the company said on Wednesday.
ForstmannLeff is to maintain its operating independence and investment autonomy after joining the insurer's asset management unit. It is also to have access to operational support in noninvestment areas.
