1st Quarter Results OM US
Old Mutual PLC
28 April 2003
Old Mutual Asset Management
Reports Results for the First Quarter of 2003
BOSTON--April 28, 2003--Old Mutual Asset Management, the U.S. asset management
group of Old Mutual plc (LSE: OML), today announced results for its member firms
for the first quarter of 2003. The firms in aggregate delivered investment
performance in line with major market indices, with assets under management for
the group declining 2.1% excluding divestitures and net cash flow. In addition,
the firms had combined net inflows of client assets of $475 million, or 0.4% of
2002 year-end assets of $127.0 billion, while divestitures of non-strategic
firms accounted for a reduction of $3.3 billion or 2.6% of 2002 year-end assets.
'We are gratified that the relationships our member firms have built with their
clients over the years have enabled us to attract new assets in this difficult
market environment,' said Scott Powers, chief executive of Old Mutual Asset
Management. As of March 31, 2003, Old Mutual Asset Management managed a total
of $121.5 billion.
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. The company is listed on the London Stock Exchange with a market
capitalization of approximately $5.6 billion as of April 24, 2003. 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 7569 0121, james.poole@omg.co.uk
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This information is provided by RNS
The company news service from the London Stock Exchange
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