US Assets Under Management
Old Mutual PLC
27 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 management
group of Old Mutual plc (LSE: OML), today announced assets under management for
the group at the end of the second quarter of 2005. Assets managed by the
group's member firms increased 7.5% in the quarter, from $194.5 billion on March
31, 2005, to $209.0 billion on June 30, 2005. Net inflows of client assets in
the quarter reached a new record high of $10.6 billion, including $3.4 billion
in cash collateral assets, while investment performance in the funds under
management at member firms was responsible for $3.9 billion of the total
increase for the quarter. Overall in the first half of 2005, assets managed by
the 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 Scott
Powers, chief executive of Old Mutual Asset Management. 'These higher than
average net cash flows come at an opportune time, given that we are making
significant investments in our distribution capabilities in both the retail
channel through Old Mutual Capital and the alternative-investments area through
2100 Capital. Going forward, we'll continue to make strategic investments in
order to support our firms in achieving organic growth and meeting the
objectives of our clients.'
About Old Mutual Asset Management
The member firms of Old Mutual Asset Management provide high-quality, actively
managed investment products in all major asset classes and investment styles,
with each firm focusing on its own specialized area of expertise. More
information on member firms, and their investment teams and strategies, is
available from the group's Web site at www.oldmutualus.com. 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 is available at www.oldmutual.com.
Contact:
Media: Tucker Hewes, (212) 207-9451, tucker@hewescomm.com
Investors: James Poole, 44 (0)20 7002 7000, james.poole@omg.co.uk
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