| Mon 23 Jul 2001, 0:00 | | Old Mutual Plc - Scott F. Powers Named Ceo Of Old |
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Scott F. Powers Named CEO of Old Mutual (US) Holdings
Old Mutual plc (LSE: OML) today announced that Scott F. Powers, currently
executive vice president of sales, marketing and product development at
Mellon Institutional Asset Management, has been named to take a new role as
Chief Executive Officer of Old Mutual's U.S. holding company, Old Mutual
(US) Holdings Inc., effective September 1, 2001. Mr. Powers will be based
in Boston and report directly to Eric Anstee, Chief Executive - Financial
Services of Old Mutual plc.
Mr. Powers will take overall charge of all of Old Mutual's U.S. asset
management businesses, which managed in aggregate approximately $164 billion
in assets as of June 30, 2001. The firms include Old Mutual Asset Managers
(US), Pilgrim Baxter & Associates, eSecLending, and related operations in
Bermuda and Japan, as well as the other asset management affiliates acquired
by Old Mutual as part of its acquisition of United Asset Management Corp. in
September 2000.
Commenting on the appointment, Mr Anstee said:
"As Old Mutual's asset management operations in the U.S. have grown, the
company has decided to focus them all under an experienced US manager, who
will be responsible for their overall strategic and operational development.
We are delighted to have recruited someone of Scott's experience and ability
in our sector for this new and challenging role. His experience in managing
the growth of multiple businesses will be extremely valuable as we go
forward."
Mr. Powers, age 41, brings extensive experience in financial services in the
U.S. and strong leadership skills to his new role, which will be of
particular value as Old Mutual looks to grow its institutional and retail
asset management businesses in the U.S. He will work closely with the
executive directors of Old Mutual and other key executives to develop and
execute the firm's strategy.
Commenting on his appointment, Mr Powers said:
"The quality of the investment management firms within Old Mutual in the
U.S. is what makes this position so attractive. My priority will be to seek
strategic opportunities to build the value of these firms and to ensure that
each has the resources it needs to excel in the industry."
23 July 2001
Enquiries:
Old Mutual plc, London
James Poole Tel: +44 (0) 20 7569 0122
Hewes Communications, New York
Tucker Hewes Tel: +1 212 207 9451
College Hill, London
Nicholas Williams Tel: +44 (0) 20 7457 2020
College Hill, Johannesburg
Linda Baker Tel: +27 (0) 11 447 3030
Notes to Editors:
About Scott F. Powers
Mr. Powers has been instrumental in the growth of Mellon Institutional Asset
Management, the sixth largest asset management group in the United States,
with approximately $300 billion of funds under management. He currently
works with of all of Mellon's primary investment subsidiaries, including The
Boston Company Asset Management (TBCAM), Certus Asset Advisors, Franklin
Portfolio Associates, Mellon Bond Associates, Mellon Capital Management
Corporation and Mellon Equity Associates. Mr. Powers earned his B.A. in
economics from Harvard College.
About Old Mutual plc
Old Mutual plc is an international financial services company based in
London, with expanding operations in asset management, life assurance,
banking and general insurance. Following demutualization in May 1999, the
company is listed on the London Stock Exchange with a market capitalization
of approximately $7.65 billion as of July 23, 2001, and is also listed in
South Africa, Namibia, Malawi and Zimbabwe. More information on Old Mutual
is available at www.oldmutual.com
About Old Mutual (US) Holdings
The acquisition of United Asset Management Corporation (`UAM') by Old Mutual
was completed on 26th September 2000. Boston-based UAM has built a multi-
style institutional, wholesale and retail fund management business widely
spread throughout Continental North America comprising a number of leading
industry brands, and with significant operations in Europe and Japan.
The acquisition added to Old Mutual's already strong international asset
management operations and was consistent with Old Mutual's strategic goal of
building a world-class global asset management business. AUM of the group
world-wide were GBP169million, at December 31 2000 which places Old Mutual
amongst the top 30 money managers in the world.
Following the purchase Old Mutual moved rapidly to reorganise the principal
operating businesses of UAM to refocus the key businesses and re-incentivise
performance. These included Pilgrim Baxter Associates a leading Mutual Fund
and specialist growth and value style institutional money manager. Seven
formerly independently organised affiliates of UAM agreed to form a jointly
organised business under the OMAM (Old Mutual Asset Managers) name and
brand. Among the remaining UAM affiliates substantial progress has been
made in agreeing new strategic directions.
OMAM (US)
The firms comprising OMAM (US) today are:
Acadian Asset Management
Analytic Investors
Barrow, Hanley, Mewhinney & Strauss Inc
Clay Finlay Inc
Dwight Asset Management Company
NWQ Investment Management Company
Provident Investment Counsel
AUM of OMAM (US) were US$ 75 billion on 30 June 2001.
Pilgrim Baxter & Associates
Pilgrim Baxter's leading mutual brand is the PBHG Funds. A number of these
have long-term track records across both growth and value equity styles,
resulting in a number of Morningstar 4 or 5 star-rated funds and other
leading independent performance benchmarks.
A week ago American Skandia Investment Services announced a decision to
switch mandates to manage two small-cap growth funds with AUM of approx.
$750 million. Pilgrim Baxter has also just been retained to advise on about
$1 billion of mutual funds for First Union, the US's fifth largest regional
bank.
The appointment of Michael Sutton as Chief Investment Officer was also
announced in the past few days. PBA founders Harold Baxter and Gary Pilgrim
have both signed long-term contracts to continue actively to manage the
business.
AUM of Pilgrim Baxter were US$ 15 billion on 30 June 2001.
Other UAM developments
In September 2000, Old Mutual concluded the sale to Aberdeen Asset
Management of the Scottish-based Murray Johnstone. More recently the sale of
Pell Rudman to Amvescap Group was announced; the transaction is expected to
close during the third quarter.
Total AUM of all UAM affiliates was $164 billion on 30 June 2001.
eSecLending
eSecLending was established in November 2000 jointly by Old Mutual and by
the California Public Employees' Retirement System (CalPERS). The company
offers a web-based auction system for securities lending and is intended to
meet the needs of large institutional pension and other pools of managed
funds, mutual funds, hedge funds, and other major investors.
