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Old Mutual signs deal to boost LatAm presence

Old Mutual signs deal to boost LatAm presence

Old Mutual has sought to increase its fund distribution network in Latin America with the acquisition of a majority stake in business platform and fund distributor AIVA.

The investment group has built on its 15-year working relationship with the Uruguayan company and is aimed at boosting Old Mutual’s presence in selected emerging markets, particularly Latin America.

AIVA is a family-owned firm which centres on business networks and fund distribution across the Latin American region. The firm covers IFAs, wealth managers and other institutions and has $800 million in assets under management.

Under the existing arrangement with Old Mutual, AIVA aids the firm’s emerging market division in areas such as administration, as well as in the investment space.

Once the transaction is complete, the emerging markets division of Old Mutual will work more closely with AIVA to oversee the opportunities in Colombia and Mexico.

Commenting on the deal, Carlos Parra, one of the founding partners of AIVA, said: ‘The combination of our distribution experience and Old Mutual’s size and strength means that together we are well placed in Latin America to take advantage of attractive growth opportunities.’

Completion of the transaction by Old Mutual Life Assurance Company South Africa is conditional on relevant regulatory approvals and is expected to be completed in early 2013.

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