2nd Nov 2005 10:00
Old Mutual PLC02 November 2005 Old Mutual plc Old Mutual Asset Management and ForstmannLeff Withdraw Acquisition Plans Boston, MA, November 1, 2005 -- Old Mutual Asset Management, the U.S. assetmanagement group of Old Mutual plc (LSE: OML), and New York-based investmentmanagement firm ForstmannLeff today announced they have mutually agreed towithdraw plans for Old Mutual Asset Management to acquire ForstmannLeff. Underan agreement originally announced on October 5, 2005, Old Mutual AssetManagement would have acquired the majority interest in ForstmannLeff held byRefco Group Holdings. "We continue to have high regard for ForstmannLeff's investment capabilities,but believe the uncertainty now surrounding the firm's current majority ownerposes challenges for completing the transaction in a timely and effectivemanner," said Scott Powers, chief executive of Old Mutual Asset Management."Given the new developments, we have mutually agreed with ForstmannLeff towithdraw plans announced last month for ForstmannLeff to join Old Mutual AssetManagement." PBHG Funds and PBHG Insurance Series FundThe Board of Trustees of the PBHG Funds and PBHG Insurance Series Fund ("Funds")previously approved Old Mutual Capital, Inc. ("OMCAP") as the new investmentadviser to the Funds, subject to shareholder approval. The Board had alsoapproved ForstmannLeff as a sub-adviser to certain of the Funds' portfolioscurrently advised by Liberty Ridge Capital, subject to shareholder approval.OMCAP and Liberty Ridge Capital are subsidiaries of Old Mutual Asset Management.As Old Mutual Asset Management will not be acquiring ForstmannLeff, the Boardhas retained an independent investment consulting firm to assist in theirevaluation of options for management of the Funds that are currently advised byLiberty Ridge Capital. Liberty Ridge Capital will continue in its role asinvestment manager for those Funds as the Board considers its options forsub-advisers to the portfolios. The Board's previous approval of othersub-advisers and OMCAP as investment adviser to the Funds' portfolios is notaffected. Old Mutual Advisor FundsThe Board of Trustees of the Old Mutual Advisor Funds ("OMAF Funds") previouslyapproved ForstmannLeff as a sub-adviser to certain of the OMAF Funds' portfolioscurrently sub-advised by, among other managers, Liberty Ridge Capital, subjectto shareholder approval. As Old Mutual Asset Management will not be acquiringForstmannLeff, the OMAF Funds' Board will evaluate management's recommendationsand consider its options for management of those assets. About Old Mutual Asset ManagementOld Mutual Asset Management consists of over 20 distinct, boutique firms,including asset managers that specialize in high-quality, active investmentstrategies for institutional and individual investors. The group's member firmsmanaged in aggregate $223.7 billion as of September 30, 2005. The group's parentis Old Mutual plc, an international financial services company based in London,with operations in asset management, life assurance, banking and generalinsurance. More information on Old Mutual Asset Management, its member firms andtheir investment teams and strategies, is available from the group's Web site atwww.oldmutualus.com. About Liberty Ridge Capital and the PBHG FundsLiberty Ridge Capital, founded in 1982, is a boutique investment firm with itshistory rooted in the institutional investment management business. Based inWayne, Pennsylvania, the firm specializes in active core and growth domesticequity investment strategies. More information on Liberty Ridge Capital isavailable at www.libertyridgecapital.com. PBHG Funds offer a variety of mutualfunds that include diversification options across the spectrum of marketcapitalization and investment categories, including growth, value, blend,specialty and fixed income. More information on the PBHG Funds is available byphone at (800) 433-0051 or at www.pbhgfunds.com. The PBHG Funds, PBHG Insurance Series Fund, and Old Mutual Advisor Funds aredistributed by Old Mutual Investment Partners (OMIP) and are available only byprospectus. To obtain a prospectus, which includes more complete informationabout the funds, including investment objectives, risks, charges and expenses,please contact your financial advisor or OMIP at (800) 433-0051. The prospectusshould be read carefully before investing. Media contact:Tucker Hewes, Hewes Communications, Inc., (212) 207-9451, [email protected] # # # This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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