This was done because the group has reshaped to focus on core UK and offshore markets.
The businesses are being bought by an acquisition vehicle backed by private equity investor Cinven and reinsurer Hannover Re for 220 million euros in cash, Old Mutual said on Thursday.
"The transaction is part of Old Mutual Wealth's commitment to simplify its operations in Europe and focus on a select number of core growth markets," Old Mutual said.
At the end of last year Old Mutual's wealth operation was managing assets of about 130 billion US dollars, with the German and Austrian businesses accounting for 6.75 billion US dollars.
Both units were part of Skandia, the Swedish insurer bought by Old Mutual in 2006.