The London and Johannesburg-listed bank and asset manager, Old Mutual, has sold Skandia Poland, part of Old Mutual Wealth, to Vienna Insurance Group AG Wiener Versicherung Gruppe.

The London and Johannesburg-listed bank and asset manager, Old Mutual, has today agreed to sell Skandia Poland, part of Old Mutual Wealth, to Vienna Insurance Group AG Wiener Versicherung Gruppe.

The deal’s details have not been disclosed in the statement from Old Mutual, however, the firm did say that “the transaction is part of Old Mutual Wealth's commitment to simplify its operations in Europe and focus on a select number of core growth markets”.

The deal gives Austrian firm VIG total control of Skandia Poland and its assets, including €414 million ($554.8 million) in funds under management as at 30 September 2013.

The transaction is still subject to regulatory approvals and is expected to take approximately six months to complete.

In the year ended 31 December 2012, the Old Mutual group reported £262 billion ($415.8 billion) of funds under management from core operations.