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Old Mutual Asset Management (US) Reports Increase in Affiliates' Assets Under Management for Q3 2009
BOSTON, Nov. 5 /PRNewswire/ -- Old Mutual Asset Management, the U.S. asset management group of Old Mutual plc (LSE: OML), announced assets under management (AUM) by the group's investment affiliates of $260 billion, as of September 30, 2009. The quarter-end total represented an 8% increase in AUM from the end of 2008 and an increase of 5.3% from the prior quarter, as general market conditions continued to show improvement.
More than half of the current investment affiliates posted positive inflows, but net external driven cash flows from continuing operations were a negative $622 million, representing 0.3% of assets under management at the beginning of the quarter.
According to Tom Turpin, President and CEO, "Old Mutual Asset Management is pleased to have enjoyed asset growth during this period of market recovery. We expect the economic and financial environment to remain challenging as we approach the end of the year, but are confident that our investment affiliates will continue to deliver high-quality investment solutions to clients."
About Old Mutual Asset Management
Old Mutual Asset Management, the name under which Old Mutual US Holdings Inc. conducts its US asset management business, is the holding company for 18 distinct, boutique firms, including asset managers that specialize in high-quality, active investment strategies for institutional and individual investors. 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 Asset Management, its member firms and their investment teams and strategies, is available from the group's website at www.oldmutualus.com.
SOURCE Old Mutual Asset Management (US)
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http://www.oldmutualus.com