Old Mutual has sold off one its European subsidiaries.

The company announced today it had completed the sale of Old Mutual Wealth Italy.

It was established in 1997 and employs 110 people, managing €7 billion for more than 53,000 affluent and high net worth customers.

It has been bought out Phlavia Investimenti (previously ERGO Italia), owned by Cinven, the international private equity firm.

The sale was the final part of the divestment of Old Mutual Wealth’s continental European businesses, which the company said would allow it to focus on its core UK and cross border markets.

Paul Feeney, CEO of Old Mutual Wealth, said: “This represents an important landmark for our business as it completes Old Mutual Wealth’s exit from Continental Europe. Whilst we are sorry to lose our colleagues from Old Mutual Wealth Italy, we believe their growth prospects will be enhanced under the new ownership. I would like to thank the team for the fantastic contribution they have made over the years and wish them well in the future.”

The transaction was announced initially on 9 August 2016.

Erik Stattin, group chief executive of Phlavia Investimenti, said: “We are extremely satisfied to announce this new milestone on our path to become a consolidator in the Italian market.

“We have already sold our non-life insurance company in order to concentrate on life insurance; the acquisition of Old Mutual Wealth Italy is another step to strengthen our position through financial, operational and commercial synergies and diversify our product portfolio and distribution network, generating further cross selling opportunities for our business.”