| Mon 21 Oct 2002, 15:02 | | Old Mutual Plc - Us Asset Management Results |
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Old Mutual Plc - Us Asset Management Results
Old Mutual Plc
ISIN CODE: GB0007389926
SHARE CODE: OML
ISSUER CODE: OLOML
Old Mutual`s U.S. Asset Management Group Reports
Assets under Management for First Three Quarters of 2002
BOSTON--October 21st, 2002--The U.S. asset management group of Old Mutual plc
(LSE: OML) today announced results for its affiliated asset management firms for
the nine months ended September 30, 2002. The group achieved strong relative
performance overall, with assets under management declining 12.1% excluding
divestitures and cash flow, compared to a 28.2% decline for the S&P 500 Index, a
39.9% decline for the NASDAQ Composite Index, a 23.2% decline for the Dow Jones
Industrial Average, and a 8.6% gain for the Lehman Brothers Aggregate Bond
Index. In addition, the firms in aggregate had net inflows of client assets of
$2.6 billion, or 1.7% of 2001 year-end assets of $149.9 billion, and
divestitures of non-strategic firms accounted for a reduction of $12.1 billion
or 8.1% of year-end assets. As of September 30, the group managed a total of
$122.1 billion.
"In the face of a very challenging time for almost all markets, the U.S. asset
management operations of Old Mutual performed well when compared to the broad
equity indices and actually produced significant, positive net client cash flow
during the first three quarters," said Scott Powers, chief executive of Old
Mutual`s U.S. asset management operations. "The diversity of asset classes and
investment styles, strong relative investment performance and the depth of
experience at our firms proved once again to be our greatest strengths."
Overall fund flows continued to be positive with flows from Fidelity & Guaranty
Life Insurance Company into Dwight Asset Management continuing to be strong.
Detailed information on the asset breakdown for each of the firms is available
from the group`s website at http://www.oldmutualus.com.
The five new funds sub-advised by Old Mutual firms which were introduced to
Pilgrim Baxter`s PBHG Funds in December and January have attracted $1.3 billion
in investor assets in the first three quarters of 2002, led by PBHG IRA Capital
Preservation, subadvised by Dwight Asset Management, and PBHG Clipper Focus,
subadvised by Pacific Financial Research. The total assets in the subadvised
funds stand at $1.6 billion on September 30. More information on these
investment strategies and performance of each of the funds is available at
http://www.pbhgfunds.com.
The divestiture of NWQ to Nuveen Investments was completed in the third quarter
2002. In total, 14 firms have been divested since Old Mutual`s acquisition of
United Asset Management Corp. in September 2000.
ENQUIRIES:
Media:
Tucker Hewes Tel: + 1 212 207-9451
tucker@hewescomm.com
Nad Pillay Tel: +27 82 553 7980
Julie Saxton Tel: +44 20 7569 0100
Tony Friend Tel: +44 20 7457 2020
Robyn Hunt Tel: +27 11 447 3030
Investors:
Andrew Parkins Tel: +44 20 7569 0100
Mike Willis Tel: +27 21 509 9111
Notes to Editors
Old Mutual plc is an international financial services company based in London,
with operations in asset management, life assurance, banking and general
insurance. The company is listed on the London Stock Exchange with a market
capitalization of approximately $4.8 billion as of October 18, 2002. More
information on Old Mutual is available at www.oldmutual.com.
Date: 21/10/2002 02:23:32 PM Produced by the JSE SENS Department
