OMAM(US) Adds Acadian
Old Mutual PLC
25 January 2001
OMAM(US) Adds International Equity Specialist
Acadian Asset Management, Inc.
BOSTON (January 25, 2001) -- Old Mutual Asset Managers (US) ('OMAM(US)') today
announced that Boston- and Singapore-based international and global equity
specialist Acadian Asset Management, Inc. has joined its aligned group of
firms. Acadian, founded in 1977 and currently managing approximately $4
billion in assets, last year became a part of Old Mutual plc (LSE: OML), the
parent company of OMAM(US), through Old Mutual's acquisition of United Asset
Management Corporation ('UAM').
With the addition of Acadian, OMAM(US), which began operating on January 1
this year, now includes seven firms managing approximately $75 billion as of
December 31, 2000. OMAM(US) firms cover a broad spectrum of complementary,
non-overlapping asset classes and investment styles, and collectively provide
a wide range of global product offerings.
'Acadian brings key capabilities in global investing to OMAM(US) and to our
clients worldwide,' said OMAM(US) chief executive officer Kevin Carter. 'The
Acadian investment team has outstanding breadth of experience in international
markets, and they have been innovators and thought leaders in the industry in
the use of advanced quantitative methodologies.'
OMAM(US) firms, which now include Acadian Asset Management, Inc., Analytic
Investors, Barrow, Hanley, Mewhinney & Strauss, Inc., Clay Finlay Inc., Dwight
Asset Management Company, NWQ Investment Management Company and Provident
Investment Counsel, will seek ways to work together cooperatively and will
work closely with all of Old Mutual's international asset management
businesses, in particular with OMAM(UK), OMAM(South Africa), and Pilgrim
Baxter & Associates. In choosing to join OMAM(US), the firms have agreed to
modify their economic relationship with Old Mutual from a revenue-sharing to a
profit-sharing structure, with each firm retaining its own identity, brand,
investment philosophy and investment process, as well as responsibility for
its client relationships.
'Joining OMAM(US) is a major step forward for us, and helps us to improve our
firm on a long-term basis and especially to enhance the structure and
incentives for our professional staff, ' said Ron Frashure, president and
chief executive officer of Acadian. 'By combining our capabilities with Old
Mutual's global asset management reach and resources, we can benefit from
scale while remaining focused on our core strengths in serving our clients. We
look forward to working with the other OMAM(US) firms and Old Mutual companies
worldwide.'
Old Mutual plc is an international financial services company based in London,
with expanding operations in life assurance, asset management, banking and
general insurance. Following demutualization in May 1999, the company is
listed on the London Stock Exchange with a market capitalization of
approximately $8.49 billion as of January 24, 2001, and is also listed in
South Africa, Namibia, Malawi and Zimbabwe. More information on Old Mutual is
available at www.oldmutual.com.
25 January 2000
ENQUIRIES:
OMAM(US) and Acadian Asset Management
Tucker Hewes, Hewes Communications, Inc Tel: (212) 207-9451,
Email: tucker@hewescomm.com
Old Mutual plc
James Poole, Director of Investor Tel: 44 020 7569 0121
Relations,
Email:james.poole@omg.co.uk
College Hill
Matthew Gregorowski Tel: 44 020 7457 2020
Email:
matthew.gregorowski@collegehill.com
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