Old Mutual, the South African financial services group, is restructuring a 20% revenue share interest held in Pilgrim Baxter, the US-based mutual fund manager, by its founders.

Old Mutual acquired Pilgrim Baxter in September 2000 as part of a stable of more than 40 fund management firms held in United Asset Management. While many of the managers were sold off, Old Mutual opted to retain Pilgrim Baxter and operate it as a separate mutual fund manager.