Old Mutual Asset Management Completes Sale of Five Affiliates

Jan 02, 2013, 09:45 ET from Old Mutual Asset Management

BOSTON, Jan. 2, 2013 /PRNewswire/ -- Old Mutual Asset Management (OMAM), the U.S.-based global asset management business of Old Mutual plc, announced today that it has closed the previously announced transactions to sell five of its U.S. affiliates to their respective senior management teams. The five affiliate asset managers are 2100 Xenon Group, 300 North Capital, Analytic Investors, Ashfield Capital Partners and Larch Lane Advisors. These businesses had combined assets under management of $12 billion as of September 30, 2012. 

Terms of the five transactions were not disclosed. Old Mutual entered into definitive agreements with the affiliate firms in October. 

About Old Mutual Asset Management

Old Mutual Asset Management is a global multi-boutique investment organization, managing and growing a diverse portfolio of asset managers that serve institutional investors around the world. The assets under management of OMAM's affiliated investment firms were $216.7 billion as of September 30, 2012. OMAM is the name through which Old Mutual (US) Holdings Inc. conducts its U.S. asset management business. Its parent company is London-based Old Mutual plc. More information about OMAM, its member firms, and their investment teams and strategies, is available at www.oldmutualus.com

About Old Mutual plc

Old Mutual is an international long-term savings, protection and investment Group.  Originating in South Africa in 1845, the Group provides life assurance, asset management, banking and general insurance to more than 12 million customers in Europe, the Americas, Africa and Asia.  Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999.

In the year ended 31 December 2011, the Group reported adjusted operating profit before tax of £1.5 billion (on an IFRS basis) and had £267 billion of funds under management from core operations.

For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com  

SOURCE Old Mutual Asset Management