Investment firm Old Mutual is eyeing potential acquisition and joint venture opportunities within the Asian region.
The move is part of the global firm’s plans to build on its existing presence in the region.
Old Mutual, the parent company of Skandia Australia, intends to set up offices in South Korea, Taiwan and Vietnam through acquisition, joint ventures or organic growth.
The group currently has a presence in Australia, China and India.
“We’d like to get further into the region. Three we’ve got, and three we’re going to look at,” Old Mutual regional Asian head Steffen Gilbert said.
“Fundamental underpinning for the new businesses will be asset management and wealth creation, with say life insurance and or risk if it makes sense for the asset management piece. First and foremost we want to look at asset management and wealth creation companies.”
As well as concentrating on the company’s Asian expansion, Gilbert will also focus on Skandia’s newly restructured divisions.
Skandia split its Australian business operation in two last month following the departure of its chief executive Ross Laidlaw.
The group’s local business will now be led by two chief executives, with Andrew Black responsible for the platform division and John Gethin-Jones in charge of the Intech asset management division.
“I think that it’s very important that they are very separate because you really want to do good innovative things for the platform and you want to do good and innovative things in the asset management space. I’m quite happy that we’ve been able to set it up that way,” Gilbert said.
“I think it will be a great success and we’ll be a very interested party.”
Laidlaw announced in March he would leave the company’s Australian office to return to Sweden to take up a post as chief investment and marketing officer with Skandia Europe.
