Old Mutual Asset Management, the US asset management group belonging to London-based Old Mutual, has announced that its managed assets run by its member firms increased 9% during the first quarter 2006 to $247.6 billion, from $226.3 billion at year-end 2005.
Net inflows of client assets, including $7 billion in cash collateral assets, contributed a total of $11.2 billion over the first quarter of 2006. Investment return in the assets under management at member firms contributed $9.7 billion or 4% of the increase for the quarter.
In February 2006, Old Mutual Asset Management acquired a majority interest in Copper Rock Capital Partners, a small-cap growth equity manager headquartered in Boston with assets under management of approximately $0.4 billion. This marked the completion of an option Old Mutual purchased in February 2005.
Copper Rock’s disciplined investment process and commitment to adding value to client portfolios exemplifies what we seek in our investment management affiliates, said Scott Powers, chief executive of Old Mutual Asset Management.
Mr Powers noted that Old Mutual Asset Management experienced asset growth in the past quarter across both institutional and retail markets, and through major advisor and broker channels. The Old Mutual Asset Management strategy of providing our member firms with complete investment autonomy, along with operational, technical, channel and marketing support, has proven to be a sound business model, as demonstrated by another quarter of positive results, he added.