25th Apr 2006 07:01
Old Mutual PLC25 April 2006 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 managementgroup of Old Mutual plc (LSE: OML), today announced that assets managed by thegroup's member firms increased 9% during the first quarter 2006 to $247.6billion, a new high for the group, from $226.3 billion at year-end 2005. Netinflows of client assets, including $7 billion in cash collateral assets,contributed a total of $11.2 billion over the first quarter of 2006. Investmentreturn 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 inCopper Rock Capital Partners, a small-cap growth equity manager headquartered inBoston with assets under management of approximately $0.4 billion. This markedthe completion of an option Old Mutual purchased in February 2005. "Copper Rock's disciplined investment process and commitment to adding value toclient portfolios exemplifies what we seek in our investment managementaffiliates," said Scott Powers, chief executive of Old Mutual Asset Management.Mr. Powers noted that Old Mutual Asset Management experienced asset growth inthe past quarter across both institutional and retail markets, and through majoradvisor and broker channels. "The Old Mutual Asset Management strategy ofproviding our member firms with complete investment autonomy, along withoperational, technical, channel and marketing support, has proven to be a soundbusiness model, as demonstrated by another quarter of positive results," headded. About Old Mutual Asset Management (US) Old Mutual Asset Management is the holding company for 20 distinct, boutiquefirms, including asset managers that specialize in high-quality, activeinvestment strategies for institutional and individual investors. 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 (US), its memberfirms and their investment teams and strategies, is available from the group'swebsite at www.oldmutualus.com. Individual investors can access the investmentcapabilities of certain Old Mutual affiliates through mutual funds advised byOld Mutual Capital. Please see Old Mutual Capital's website atwww.oldmutualcapital.com for more information or to obtain a current prospectus.The prospectus contains important information, including information about amutual fund's investment objectives, risks, charges and expenses and should beread carefully and considered before investing or sending money. Contact: Media: Elon Green, (212) 867-0131, [email protected] Relations UK: Malcolm Bell 00 44 20 7002 7166Investor Relations SA: Deward Serfontein 00 27 21 509 9709 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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