The China-based conglomerate, which owns stakes in a variety of business sectors, has agreed to buy a significant stake in the asset management house.

A unit of China-headquartered HNA Group has agreed to buy part of US investor OM Asset Management, a process involving paying $446 million in cash in two tranches, transferring 24.9 per cent of the firm to the Chinese organisation.

Old Mutual, the UK business, said on Saturday that it had agreed to sell the shareholding to HNA Capital US in a two-step transaction.

“It is expected that one HNA Capital US-nominated director will join the OMAM board on the completion of the first tranche of 9.95 per cent of OMAM shares and a second on the completion of the second tranche of 15 per cent of OMAM shares. In both cases, these directors will replace existing nominees of Old Mutual,” Old Mutual said in a statement.

HNA Group, which owns a range of businesses, including airlines and hotel chains, has also acquired a stake in hedge-fund investing firm SkyBridge Capital from founder Anthony Scaramucci, a surrogate for US President Donald Trump, who had exited the business to help secure a White House position. It also recently agreed to buy 245 Park Avenue, a 1.8 million-square-foot New York skyscraper, for $2.21 billion, according to the Wall Street Journal.