Old Mutual has become one of five new shareholders in UK money manager Thornhill Investment Management, run by ex-Lazards executive James Cave.

Asset Management Investment Company, the trust that specialises in investing in money management firms, sold its 30% equity interest in Thornhill, while Cave, chief executive, also released some of his shares for the deal. Cave now owns 31% of the company he co-founded along with Russell Wallis, chief investment officer. Russell holds 9% of equity.