HNA Group. Photo: AFP

Old Mutual has confirmed a deal to sell a 25% stake in the company’s asset management business for the sum of US$445 million.

The Financial Times reports that the UK firm will reduce its stake in Old Mutual Asset Management from 51% to 26%.

The deal marks the latest in a string of overseas acquisitions by HNA, including a 25% stake in the Hilton hotel chain, a 4.76% stake in Deutsche Bank, and the largest stake in the US$12 billion SkyBridge Capital fund.

Asia Times Financial is now live. Linking accurate news, insightful analysis and local knowledge with the ATF China Bond 50 Index, the world's first benchmark cross sector Chinese Bond Indices. Read ATF now.