Quilter, previously Old Mutual Wealth, has wrapped up the sale of its single strategy arm to the division’s management team, led by CEO Richard Buxton, and private equity firm TA Associates, in a deal worth £583m.

The deal consideration includes an upfront cash payment of £576m and a deferred consideration of £7m.

TA Associates managing director Christopher Parkin said: “Old Mutual Global Investors’ single-strategy business is among the UK’s fastest growing retail and institutional asset managers, and we believe the firm has tremendous potential to capitalise on strategic opportunities, both in the UK, as well as internationally.”

Old Mutual Wealth unveiled plans to split its fund management operations into two parts as part of a managed separation strategy in September 2017. The agreement to offload the single business Old Mutual Global Investors (OMGI) was signed in December last year.

The single-strategy unit will currently retain its existing name, while the multi-asset business will continue to be a part of Quilter.

Further, Quilter and OMGI will continue to offer commercial services to each other for up to three years.

Quilter also expects to costs of £20m to establish the multi-asset division as a separate unit.

“We are now preparing for the next big development: renaming the business later in the year. We look forward to sharing more information on this in due course. As ever, our priority remains running distinctive, genuinely active funds. In my view, volatility is set to make a comeback as central banks end the extraordinary monetary policy experiment of the last decade; we are committed to helping clients navigate this unprecedented market environment,” Buxton noted.