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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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."
-
8 of the best houses for sale with annexesThe best houses with annexes – from a period property in the Lake District to a 13th-century house with a two-bedroom annexe in Saltwood, Kent
-
Zelenskyy moves to appease Donald Trump – what happens now?Ukraine’s president Volodymyr Zelenskyy is conceding ground to secure the least-worst deal possible, says Emily Hohler
