Later in 2000, Old Mutual purchased United Asset Management, based in Boston, for US$1.46 billion in cash and assumed ownership of UAM net debt of around US$769 million, thus acquiring a large and diverse US-based asset manager. Among the holdings of UAM were the PBHG Funds of Pilgrim Baxter & Associates. In 2003, PBA was one of many companies who faced charges related to market timing brought by the U.S. Securities and Exchange Commission (SEC) and the Attorney General of New York. Ultimately, the PBHG Funds (renamed Liberty Ridge) were absorbed into the Old Mutual Funds group. In 2005, Mike Levett retired as Chairman and was succeeded by Christopher Collins. In the same year a Black Economic Empowerment deal was introduced at Old Mutual South Africa, Nedbank and Mutual & Federal. 2006 saw Old Mutual acquiring the Swedish insurer, Skandia, in a $6.5billion deal, bringing additional business in the United Kingdom, several other countries in Europe, Latin America, the Far East and Australia (that Old Mutual has since exited). Old Mutual also announced its Black Economic Empowerment deal in Namibia. Patrick O'Sullivan became chairman of Old Mutual in 2010, succeeding Christopher Collins. The same year HSBC backed away from its plan to acquire 70% of Nedbank, including Old Mutual's 53% share. In 2011, Old Mutual sold US Life to Harbinger Group Inc. for $350 million. Old Mutual sold its Nordic operations to Skandia Liv for £2.1 billion in 2012. In 2013, Old Mutual strengthened operations in Africa with the acquisition of Provident Life Assurance in Ghana and Oceanic Life in Nigeria. Also in 2013, Old Mutual acquired the Fairheads Trust Company, one of the oldest trust companies in South Africa, and established the Old Mutual Wealth Trust Company. Old Mutual Wealth Trust Company has two divisions: Old Mutual Wealth Fiduciary and the Old Mutual Wealth Family Office, that continues to work closely with the Fairheads Trust individuals and families with whom it has built relationships over the past 90 years. However, Old Mutual did not acquire Fairheads Benefit Services. As of January 2014, with the additions of attorney Adiba Ighodaro, daughter of Nigeria's 3rd Secretary-General of the Commonwealth of Nations, Chief Emeka Anyaoku, and former Wall Street powerhouse Zoe Cruz, Old Mutual's Board became 30% female represented. In 2014 Skandia Colombia was renamed to Old Mutual Colombia, Provident Life Assurance to Old Mutual Ghana and Skandia UK became Old Mutual