Old Mutual sells LatAm business for undisclosed sum

Old Mutual said it had agreed to sell its Latin American businesses to CMIG International, a financial holding company based in Singapore for an undisclosed sum.

Proceeds from the sale will be retained for general corporate purposes by Old Mutual Emerging Markets, which is now focused on sub-Saharan Africa after an internal review.

The Latin American businesses are: Old Mutual Colombia, a pensions, life insurance, mutual funds, and stock brokerage business; Old Mutual Mexico, a life insurance and mutual funds business; and Aiva, an investment advisor and a distribution platform for independent financial advisers in Latin America.