Old Mutual, Henderson to merge two property funds
(Reuters) - Money manager Old Mutual Global Investors (OMGI) said it would merge its Old Mutual Property Fund into Henderson Global Investors' Henderson UK Property OEIC, forming a 2.7 billion pound ($4.32 billion) fund.
The fund will continue to be managed by TIAA Henderson Real Estate after the merger, OMGI and Henderson Global Investors said in a joint statement. The combined portfolio would have 108 properties.
The Henderson fund has assets under management of about 2.3 billion pounds and is run by Ainslie McLennan and Marcus Langlands Pearse, while the Old Mutual fund has 437 million pounds worth of assets under management and is run by CBRE Global Investors.
OMGI is the asset management division of finance group Old Mutual Plc's wealth manager.
The news comes a week after the wealth manager, Old Mutual Wealth, said it would buy money manager Quilter Cheviot from European private equity house Bridgepoint, strengthening its focus on richer customers.
(1 US dollar = 0.6243 British pound)
(This story was refiled to add reporters' contact information)
(Reporting by Carolyn Cohn; Writing by Richa Naidu; Editing by Don Sebastian)
