Old Mutual expands LatAm footprint

Financial services giant Old Mutual has bought a large interest in Latin American AIVA Business Platforms in an effort to strengthen its distribution capability in selected emerging markets.

Financial services giant Old Mutual has bought a large interest in Latin American AIVA Business Platforms in an effort to strengthen its distribution capability in selected emerging markets.

AVIA is a family-owned business platform and distribution business based in Uruguay and works throughout the whole LatAm region. Old Mutual said that it has acquired a "majority stake" in AIVA, though the size and cost of the purchase was not specified.

The company has assets under management of over $800m.

Old Mutual has worked with AIVA - which provides services to a network of IFAs, wealth managers and other institutions - for over 15 years in administration, servicing and investment.

"AIVA, together with Old Mutual's Emerging Markets businesses, will take advantage of operational synergies in Colombia and Mexico in due course," the firm said.

The acquisition is subject to the approval of regulators but is expected to complete early next year.

Paul Hanratty, the Chief Executive Officer of Old Mutual's Long-Term Savings business said: "The deepening of the relationship between Old Mutual and AIVA provides a firm base from which we can capitalise on opportunities in these fast-developing investment markets in an efficient and low capital manner."

Recommended

The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into accord…
2 Feb 2023
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
23 Jan 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023
Investing trends to watch out for in 2023: what analysts say
Investment strategy

Investing trends to watch out for in 2023: what analysts say

What are sensible strategies for high inflationary times? We ask analysts to find out.
22 Dec 2022

Most Popular

Best savings accounts – February 2023
Savings

Best savings accounts – February 2023

Interest rates on cash savings are making a comeback. We look at the best savings accounts on the market now
3 Feb 2023
The best one-year fixed savings accounts - February 2023
Savings

The best one-year fixed savings accounts - February 2023

Earn almost 5% on one-year fixed savings accounts.
3 Feb 2023
After slumping 42% last year, what's next for Scottish Mortgage?
Investment trusts

After slumping 42% last year, what's next for Scottish Mortgage?

After a spectacular couple of decades, the Scottish Mortgage Investment Trust fell by 42% last year. We take a look at the trust's performance and dis…
3 Feb 2023