27th Jul 2005 07:00
Old Mutual PLC27 July 2005 Old Mutual Asset Management Reports Assets Under Management for Second Quarter 2005 Net Inflows from Clients Total $20 Billion in First Half of 2005 BOSTON--July 26, 2005--Old Mutual Asset Management, the U.S. asset managementgroup of Old Mutual plc (LSE: OML), today announced assets under management forthe group at the end of the second quarter of 2005. Assets managed by thegroup's member firms increased 7.5% in the quarter, from $194.5 billion on March31, 2005, to $209.0 billion on June 30, 2005. Net inflows of client assets inthe quarter reached a new record high of $10.6 billion, including $3.4 billionin cash collateral assets, while investment performance in the funds undermanagement at member firms was responsible for $3.9 billion of the totalincrease for the quarter. Overall in the first half of 2005, assets managed bythe group's member firms increased 13.2%, from $184.6 billion at year-end 2004,driven by net inflows of client assets totaling $20 billion. "This has been an outstanding first half of the year for our firms," said ScottPowers, chief executive of Old Mutual Asset Management. "These higher thanaverage net cash flows come at an opportune time, given that we are makingsignificant investments in our distribution capabilities in both the retailchannel through Old Mutual Capital and the alternative-investments area through2100 Capital. Going forward, we'll continue to make strategic investments inorder to support our firms in achieving organic growth and meeting theobjectives of our clients." 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. Moreinformation on member firms, and their investment teams and strategies, isavailable from the group's Web site at www.oldmutualus.com. 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 is available at www.oldmutual.com. Contact:Media: Tucker Hewes, (212) 207-9451, [email protected]: James Poole, 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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