London-based fund manager Richard Buxton and private equity group TA Associates are understood to be nearing a deal to acquire a significant part of Old Mutual Global Investors (OMGI).
According to a report by the Financial Times on Friday, the deal will be for around £600m.
Buxton, currently chief executive of OMGI is planning to purchase the asset manager´s £25bn single strategy business to create an independent investment boutique with the backing of TA Associates.
TA has a track record of similar deals, having previously supported the management buyout of Jupiter Asset Management.
Current OMGI owner Old Mutual, the financial services group that is listed in London and South Africa, announced last year that it would separate into four separate parts.