Chinese conglomerate HNA Group agreed to buy a 25% stake in Old Mutual’s US asset management unit for about $446 million, adding to a $30 billion spending spree since last year, Bloomberg reports. Old Mutual is selling down its holdings in OM Asset Management to HNA Group in two tranches, according to an emailed statement on Sunday from the London-based company. The Hainan-based conglomerate has been investing in financial services as it seeks to broaden its portfolio beyond tourism and aviation. In the first quarter, it bought a $200 million stake in SkyBridge Capital, agreed to acquire assets from Australia & New Zealand Banking Group and became one of the largest shareholders in Deutsche Bank AG. The company last year also bought stakes in hotel operator Hilton Worldwide and electronics distributor Ingram Micro.
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