25th Oct 2005 07:00
Old Mutual PLC25 October 2005 Old Mutual Asset Management Reports Assets Under Management for Third Quarter 2005 BOSTON--October 24, 2005--Old Mutual Asset Management, the U.S. asset managementgroup of Old Mutual plc (LSE: OML), today announced assets managed by thegroup's member firms increased 7.0% in the third quarter, from $209.0 billion onJune 30, 2005, to $223.7 billion on September 30, 2005. Net inflows of clientassets in the quarter totaled $6.6 billion, including $952 million in cashcollateral assets, while investment performance in the funds under management atmember 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, InvestmentCounselors of Maryland, also accounted for a net reduction of $145 million ingroup assets under management during the quarter. The addition of InvestmentCounselors of Maryland reflects the firm's expanded strategic relationship withOld Mutual, which has maintained an ownership interest in ICM since the firm'spartial management buy-out in 2001. "We appreciate our clients' continued support and their belief in ouraffiliates' ability to deliver high quality investment performance on theirbehalf, as indicated by the record cash flows we have seen this year," saidScott Powers, chief executive of Old Mutual Asset Management. Overall for the year-to-date through September 30, assets managed by the group'smember firms have increased 21.2%, from $184.6 billion at year-end 2004, drivenby net inflows of client assets totaling $26.7 billion. About Old Mutual Asset ManagementThe member firms of Old Mutual Asset Management provide high-quality, activelymanaged investment products in all major asset classes and investment styles,with each firm focusing on its own specialized area of expertise. The group'sparent is Old Mutual plc, an international financial services company based inLondon, with operations in asset management, life assurance, banking and generalinsurance. More information on Old Mutual Asset Management member firms, andtheir investment teams and strategies, is available from the group's Web site atwww.oldmutualus.com. Contact:Media: Tucker Hewes, (212) 207-9451, [email protected]: Katie Bell, 44 (0)20 7002 7000, [email protected] # # # This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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