Dresdner Kleinwort Wasserstein (DrKW) and Merrill Lynch advised Old Mutual on a US acquisition, the launch of a new US life assurance business and the issue of a convertible bond, while Goldman Sachs advised on a US sale.

DrKW advised Old Mutual, the London listed financial services group, on its acquisition of Fidelity and Guaranty Life Insurance from St. Pauls Fire and Marine, the US life insurer. The deal, revealed on Thursday, sees Old Mutual paying $300m (€336m) in shares and $335m in cash for F&G Life.