Embattled financial adviser Collingwood Investment has been sold by Old Mutual International just 18 months after its purchase.
South Africa's biggest life insurance group, with about US$35 billion under management, sold the company to Edward Pantani - until a month ago the branch manager of Collingwood's Osaka office - for an undisclosed sum.
Advisers estimate that Old Mutual probably had to absorb a heavy loss on the deal.
Mr Pantani, who formed Hanover York International before launching the buy-out, has downgraded the London office from an administrative centre to a training and development operation.
Former joint managing directors Tim Walsh and Trevor Larkin have also stepped down.
Old Mutual said the sale was forced because of regulators insisting that companies act as either brokers or agents.