| Wed 27 Jul 2005, 8:02 | | Old Mutual - Old Mutual Asset Management Report |
|
Old Mutual Plc - Old Mutual Asset Management Reports Assets Under Management for
Second Quarter 2005
Old Mutual Plc
ISIN: GB0007389926
JSE Share code: OML
NSX share code: OLM
Issuer code: OLOML
Old Mutual Asset Management Reports Assets Under Management for
Second Quarter 2005
Net Inflows from Clients Total $20 Billion in First Half of 2005
BOSTON--July 26, 2005--Old Mutual Asset Management, the U.S. asset
management group of Old Mutual plc (LSE: OML), today announced assets
under management for the group at the end of the second quarter of
2005. Assets managed by the group`s member firms increased 7.5% in
the quarter, from $194.5 billion on March 31, 2005, to $209.0 billion
on June 30, 2005. Net inflows of client assets in the quarter reached
a new record high of $10.6 billion, including $3.4 billion in cash
collateral assets, while investment performance in the funds under
management at member firms was responsible for $3.9 billion of the
total increase for the quarter. Overall in the first half of 2005,
assets managed by the group`s member firms increased 13.2%, from
$184.6 billion at year-end 2004, driven by net inflows of client
assets totaling $20 billion.
`This has been an outstanding first half of the year for our firms,`
said Scott Powers, chief executive of Old Mutual Asset Management.
`These higher than average net cash flows come at an opportune time,
given that we are making significant investments in our distribution
capabilities in both the retail channel through Old Mutual Capital
and the alternative-investments area through 2100 Capital. Going
forward, we`ll continue to make strategic investments in order to
support our firms in achieving organic growth and meeting the
objectives of our clients.`
About Old Mutual Asset Management
The member firms of Old Mutual Asset Management provide high-quality,
actively managed investment products in all major asset classes and
investment styles, with each firm focusing on its own specialized area
of expertise. More information on member firms, and their investment
teams and strategies, is available from the group`s Web site at
www.oldmutualus.com. The group`s parent is Old Mutual plc, an
international financial services company based in London, with
operations in asset management, life assurance, banking and general
insurance. More information on Old Mutual is available at
www.oldmutual.com.
Contact:
Media: Tucker Hewes, (212) 207-9451, tucker@hewescomm.com
Investors: James Poole, 44 (0)20 7002 7000, james.poole@omg.co.uk
# # #
Date: 27/07/2005 08:00:11 AM
Produced by the JSE SENS Department
