| Wed 8 Feb 2012, 7:13 | | OML - Old Mutual Plc - Old Mutual sells Dwight Asset Management to Goldman Sachs |
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OML
OLOML
OML - Old Mutual Plc - Old Mutual sells Dwight Asset Management to Goldman Sachs
Asset Management
OLD MUTUAL plc
Issuer code: OLOML
JSE Share code: OML
NSX share code: OLM
ISIN: GB0007389926
Ref 10/12
7 February 2012
Old Mutual sells Dwight Asset Management to Goldman Sachs Asset Management
Old Mutual plc today announces that its asset management business, Old Mutual
Asset Management (OMAM), has sold Dwight Asset Management (Dwight) to Goldman
Sachs Asset Management (GSAM).
Subject to certain conditions, Dwight is expected to become a wholly-owned
subsidiary of GSAM in the second quarter of 2012.
Dwight, an affiliate of OMAM, provides fixed income investment management
services for institutional clients including retirement plans, corporations,
public funds, insurance companies, financial institutions, endowments,
foundations, and Taft-Hartley plans. Dwight had unaudited gross assets of $22.2
million at 31 December 2011 and Assets Under Management of $33.2 billion as at
30 September 2011.
Peter L. Bain, OMAM`s Chief Executive Officer, said: "For OMAM, the transaction
will free up capital to redeploy into our global distribution and asset
management franchise. We remain committed to building our multi-boutique
business around long-term, institutionally-driven, active asset management."
Enquiries
External Communications / Investor Relations
Patrick Bowes +44 (0)20 7002 7440
Media
William Baldwin-Charles +44 (0)20 7002 7133
Investor Relations
Kelly de Kock +27 (0) 21 509 8709
Sponsor:
Merrill Lynch SA (Pty) Limited
Notes to Editors
Old Mutual
Old Mutual is an international long-term savings, protection and investment
Group. Originating in South Africa in 1845, the Group provides life assurance,
asset management, banking and general insurance to more than 15 million
customers in Europe, the Americas, Africa and Asia. Old Mutual is listed on the
London Stock Exchange and the Johannesburg Stock Exchange, among others.
In the year ended 31 December 2010, the Group reported adjusted operating profit
before tax of GBP1.5 billion (on an IFRS basis) and had GBP309 billion of funds
under management from core operations, and shareholders` equity of GBP9.0
billion.
For further information on Old Mutual plc, please visit the corporate website at
www.oldmutual.com
Date: 08/02/2012 07:13:20 Produced by the JSE SENS Department.
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