Old Mutual: Two property funds merge

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 (R47.9bn) fund. The fund would 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 news comes a week after Old Mutual Wealth said it would buy money manager Quilter Cheviot from European private equity house Bridgepoint. Old Mutual shares gained 1.28 percent to R32.51 on the JSE yesterday. – Reuters