LONDON, July 23, 2001 (PRIMEZONE) -- Old Mutual plc (LSE:OML) today announced that Scott F. Powers, currently executive vice president of sales, marketing and product development at Mellon Institutional Asset Management, has been named to take a new role as Chief Executive Officer of Old Mutual's U.S. holding company, Old Mutual (U.S.) Holdings Inc., effective September 1, 2001. Mr. Powers will be based in Boston and report directly to Eric Anstee, Chief Executive -- Financial Services of Old Mutual PLC.
Powers will take overall charge of all of Old Mutual's U.S. asset management businesses, which managed in aggregate approximately $164 billion in assets as of June 30, 2001. The firms include Old Mutual Asset Managers (U.S.), Pilgrim Baxter & Associates, eSecLending, and related operations in Bermuda and Japan, as well as the other asset management affiliates acquired by Old Mutual as part of its acquisition of United Asset Management Corp. in September 2000.
Commenting on the appointment, Anstee said: "As Old Mutual's asset management operations in the U.S. have grown, the company has decided to focus them all under an experienced US manager, who will be responsible for their overall strategic and operational development. We are delighted to have recruited someone of Scott's experience and ability in our sector for this new and challenging role. His experience in managing the growth of multiple businesses will be extremely valuable as we go forward."
Powers, age 41, brings extensive experience in financial services in the U.S. and strong leadership skills to his new role, which will be of particular value as Old Mutual looks to grow its institutional and retail asset management businesses in the U.S. He will work closely with the executive directors of Old Mutual and other key executives to develop and execute the firm's strategy.
Commenting on his appointment,Powers said: "The quality of the investment management firms within Old Mutual in the U.S. is what makes this position so attractive. My priority will be to seek strategic opportunities to build the value of these firms and to ensure that each has the resources it needs to excel in the industry."