As an affiliate of Old Mutual, Dwight provides fixed income investment management services for institutional clients, including retirement plans, corporations, public funds, insurance companies, financial institutions, endowments, foundations, and Taft-Hartley plans, the firm said. 

Dwight had unaudited gross assets of $22.2 million as of 31 December last year, with assets under management of $33.2 billion as of 30 September.

“For Old Mutual, the transaction will free up capital to redeploy into our global distribution and asset management franchise. We remain committed to building our multi-boutique business around long-term, institutionally-driven, active asset management,” said Peter Bain, chief executive of Old Mutual.