Amvescap will pay Old Mutual $200m (€224m) for American fund manager Pell Rudman, which it plans to use as the cornerstone of a wealth management business.

Amvescap, advised by De Guardiola Advisors, will pay $172m in cash and up to $28m over the next two years, depending on how much of the existing assets are retained. Old Mutual was advised by Goldman Sachs.