There are more reported developments in and around the business of Old Mutual Wealth.

Richard Buxton, a high-profile UK fund manager, is planning to buy out the £25 billion ($32.4 billion) asset management unit of Old Mutual Wealth, as he looks to create an investment boutique, the Financial Times has reported. 

Buxton, who is currently chief executive of Old Mutual Global Investors, is reportedly in talks with private equity backers about taking over the business to create an independent investment firm.

The FT said that the buyout will not include OMGI’s multi-asset business, which is funded by the wealth division’s advice platform and IFA network.

Old Mutual Wealth declined to comment when asked about the story by this publication.

The firm said over the weekend “that there is an opportunity for both multi-asset and single strategy to develop as separate distinct businesses”, which was reported by this publication. It added that Old Mutual Wealth was “assessing, together with OMGI management, internal and external structures” for the single strategy third party fund management division run by Mr Buxton, to “continue to develop it further”.