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Old Mutual Asset Management reports assets under management for 3rd quarter 2005
Old Mutual Plc
ISIN CODE: GB0007389926
JSE SHARE CODE: OML
NSX SHARE CODE: OLM
ISSUER CODE: OLOML
Old Mutual Asset Management Reports Assets Under Management for Third Quarter
2005
BOSTON--October 24, 2005--Old Mutual Asset Management, the U.S. asset management
group of Old Mutual plc (LSE: OML), today announced assets managed by the
group"s member firms increased 7.0% in the third quarter, from $209.0 billion on
June 30, 2005, to $223.7 billion on September 30, 2005. Net inflows of client
assets in the quarter totaled $6.6 billion, including $952 million in cash
collateral assets, while investment performance in the funds under management at
member firms was responsible for $8.2 billion, or 3.9%, of the total increase.
Divestitures of non-strategic firms and the addition of one firm, Investment
Counselors of Maryland, also accounted for a net reduction of $145 million in
group assets under management during the quarter. The addition of Investment
Counselors of Maryland reflects the firm"s expanded strategic relationship with
Old Mutual, which has maintained an ownership interest in ICM since the firm"s
partial management buy-out in 2001.
"We appreciate our clients" continued support and their belief in our
affiliates" ability to deliver high quality investment performance on their
behalf, as indicated by the record cash flows we have seen this year," said
Scott Powers, chief executive of Old Mutual Asset Management.
Overall for the year-to-date through September 30, assets managed by the group"s
member firms have increased 21.2%, from $184.6 billion at year-end 2004, driven
by net inflows of client assets totaling $26.7 billion.
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. 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 Asset Management member firms, and
their investment teams and strategies, is available from the group"s Web site at
www.oldmutualus.com.
Contact:
Media: Tucker Hewes, (212) 207-9451, tucker@hewescomm.com
Investors: Katie Bell, 44 (0)20 7002 7000, katie.bell@omg.co.uk
25 October 2005
Date: 25/10/2005 08:00:02 AM Produced by the JSE SENS Department
