| Tue 25 Apr 2006, 8:00 | | Old Mutual Asset Management (US) Reports Member Fi |
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OML
OLOML
Old Mutual Asset Management (US) Reports Member Firms" Assets Under Management
for First Quarter 2006
OLD MUTUAL PLC
ISIN CODE: GB0007389926
JSE SHARE CODE: OML
NSX SHARE CODE: OLM
ISSUER CODE: OLOML
Old Mutual Asset Management (US) Reports Member Firms" Assets Under Management
for First Quarter 2006
Group Reaches New High of $247.6 Billion in Total Assets Under Management
BOSTON--April 24, 2006--Old Mutual Asset Management, the U.S. asset management
group of Old Mutual plc (LSE: OML), today announced that assets managed by the
group"s member firms increased 9% during the first quarter 2006 to $247.6
billion, a new high for the group, from $226.3 billion at year-end 2005. Net
inflows of client assets, including $7 billion in cash collateral assets,
contributed a total of $11.2 billion over the first quarter of 2006. Investment
return in the assets under management at member firms contributed $9.7 billion,
or 4% of the increase for the quarter.
In February 2006, Old Mutual Asset Management acquired a majority interest in
Copper Rock Capital Partners, a small-cap growth equity manager headquartered in
Boston with assets under management of approximately $0.4 billion. This marked
the completion of an option Old Mutual purchased in February 2005.
"Copper Rock"s disciplined investment process and commitment to adding value to
client portfolios exemplifies what we seek in our investment management
affiliates," said Scott Powers, chief executive of Old Mutual Asset Management.
Mr. Powers noted that Old Mutual Asset Management experienced asset growth in
the past quarter across both institutional and retail markets, and through major
advisor and broker channels. "The Old Mutual Asset Management strategy of
providing our member firms with complete investment autonomy, along with
operational, technical, channel and marketing support, has proven to be a sound
business model, as demonstrated by another quarter of positive results," he
added.
About Old Mutual Asset Management (US)
Old Mutual Asset Management is the holding company for 20 distinct, boutique
firms, including asset managers that specialize in high-quality, active
investment strategies for institutional and individual investors. 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 (US), its member
firms and their investment teams and strategies, is available from the group"s
website at www.oldmutualus.com. Individual investors can access the investment
capabilities of certain Old Mutual affiliates through mutual funds advised by
Old Mutual Capital. Please see Old Mutual Capital"s website at
www.oldmutualcapital.com for more information or to obtain a current prospectus.
The prospectus contains important information, including information about a
mutual fund"s investment objectives, risks, charges and expenses and should be
read carefully and considered before investing or sending money.
Contact:
Media: Elon Green, (212) 867-0131, elon@benabe.com
Investor Relations UK: Malcolm Bell 00 44 20 7002 7166
Investor Relations SA: Deward Serfontein 00 27 21 509 9709
Date: 25/04/2006 08:00:17 AM Produced by the JSE SENS Department
