| Tue 28 Jan 2003, 17:33 | | OLD MUTUAL PLC - ANNOUNCEMENT |
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Old Mutual`s U.S. Asset Management Group
ISIN CODE: GB0007389926
SHARE CODE: OML
ISSUER CODE: OLOML
Reports Results for 2002
BOSTON - January 28, 2003 - The U.S. asset management group of Old Mutual plc
(LSE: OML) today announced results for 2002 for its affiliated asset management
firms. The group continued to post strong relative performance, with assets
under management declining 9.0% excluding divestitures and cash flow, compared
to a 22.1% decline for the year for the S&P 500 Index, a 31.5% decline for the
NASDAQ Composite Index, a 15.0% decline for the Dow Jones Industrial Average,
and a 10.3% gain for the Lehman Brothers Aggregate Bond Index. In addition, the
firms in aggregate had net inflows of client assets of $5.1 billion, or 3.4% of
2001 year-end assets of $149.7 billion, while divestitures of non-strategic
firms accounted for a reduction of $14.3 billion or 9.6% of 2001 year-end
assets. As of December 31, 2002, the group managed a total of $127.0 billion.
"Our firms achieved strong client inflows in 2002 for the second consecutive
year, and we were able to do so by executing more effectively with fewer
investment affiliates," said Scott Powers, chief executive of Old Mutual`s U.S.
asset management operations. "In these very challenging markets, we`ve
benefited from the broad diversity of strategies employed by our firms and by
our managers` commitment to their investment disciplines. With strong
performers across all major asset classes and expanded distribution
opportunities, we believe we`re well positioned to serve our clients regardless
of which investment styles are in favor in 2003."
As part of the group`s efforts to develop channel-specific distribution
synergies among affiliates, several new funds sub-advised by Old Mutual
affiliates were introduced to Pilgrim Baxter`s PBHG Funds in December 2001 and
January 2002. The sub-advised funds attracted $1.4 billion in investor assets
in 2002, led by PBHG IRA Capital Preservation sub-advised by Dwight Asset
Management and PBHG Clipper Focus sub-advised by Pacific Financial Research, to
bring total assets in the sub-advised funds to $1.8 billion on December 31,
2002. More information on the investment strategies and performance of each of
the funds is available at www.pbhgfunds.com.
Contact:
Media: Tucker Hewes, (212) 207-9451, tucker@hewescomm.com
Investors: James Poole, 44 (0)20 7569 0121, james.poole@omg.co.uk
Date: 28/01/2003 05:25:00 PM Produced by the JSE SENS Department
