Touchstone Advisors Inc. has agreed to acquire selected assets of Old Mutual Asset Management’s mutual fund business.

Touchtone Advisors, Cincinnati, says the acquisition will increase the company’s assets under management to nearly $10 billion and add several new sub-advisors to its current roster of fund managers.

Terms of the deal were not disclosed.

Touchstone Advisors is the advisory arm of the mutual fund company Touchstone Investments and a wholly owned subsidiary of Cincinnati-based Western & Southern Financial Group. Old Mutual Asset Management, Boston, is the U.S.-based global asset management business of Old Mutual plc, and its subsidiary, Old Mutual Capital, Inc.

Touchstone says that consummation of the transaction is expected to be completed early in the second quarter of 2012 and is “subject to certain conditions and approvals.”

Touchstone distributes mutual funds through registered investment advisors, private banks, and consultants, as well as through national, regional and independent broker-dealers.