Chinese conglomerate HNA Group has agreed to acquire a 25% stake in Old Mutual’s US asset management arm in a deal worth around $446m.

The sale to HNA Capital US, part of HNA Group, dilutes Old Mutual's stake in Old Mutual Asset Management (OMAM) to 25.9% from 50.8%.

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The stake will be disposed to HNA in two tranches, the first including sale of a 9.95% stake at $15.30 per share in 30 days. The second tranche will include sale of a further 15% stake at $15.75 per share in the second half of 2017.

Old Mutual said it will use the proceeds from the deal for general corporate purposes.

As part of the deal, two directors from HNA Capital US are expected to join the board of OMAM, replacing Old Mutual directors.

Old Mutual added that it plans to dispose of its remaining holding in OMAM in an orderly manner.

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HNA Capital US CEO Guang Yang said: “OMAM is a diversified, at-scale multi-boutique asset management franchise with an attractive portfolio of high quality investment managers. We are pleased with our investment in OMAM and look forward to supporting OMAM's continued growth.”

The latest deal is part of Old Mutual’s strategy to split the group into four separate businesses, namely Old Mutual Wealth, Old Mutual Emerging Markets, Old Mutual Asset Management, and Nedbank. The plan was announced in March 2016.

Old Mutual group CEO Bruce Hemphill said: “We are very pleased to announce this transaction which brings forward further realisation of value for Old Mutual. It represents another step in delivering our managed separation strategy and secures a strategic long-term investor for OMAM.”