Touchstone Investments has completed its acquisition of selected fund assets from Old Mutual Asset Management’s US-based mutual fund business, bringing its line-up to 45 funds with assets under management of nearly $12 billion.

The acquisition, which was announced in October 2011, also brings several sub-advisors to Touchstone’s roster of fund managers. Of the 17 acquired funds, 13 will keep their Old Mutual-affiliated sub-advisor.

The assets under management of OMAM's 17 affiliated investment firms were $231 billion as of 31 December 2011, according to the statement on the merger.

"With the addition of these Old Mutual funds and their affiliated managers, Touchstone increases the range of funds we offer and enhances our current offerings - particularly in the areas of US equity, non-US equity, asset allocation, and alternatives funds," said Steven Graziano, president of Touchstone Investments.

Touchstone earlier this month said it was planning to acquire 16 mutual funds from Fifth Third Asset Management, a move which the investment company said would expand its fund offering further and provide access to Fifth Third Bancorp's distribution system.

Touchstone Investments is part of Cincinnati, OH-based Western & Southern Financial Group.