LONDON, April 28, 2003 (PRIMEZONE) -- Old Mutual Asset Management, the U.S. asset management group of Old Mutual plc (Other OTC:ODMTF) (LSE:OML), today announced results for its member firms for the first quarter of 2003. The firms in aggregate delivered investment performance in line with major market indices, with assets under management for the group declining 2.1% excluding divestitures and net cash flow. In addition, the firms had combined net inflows of client assets of $475 million, or 0.4% of 2002 year-end assets of $127.0 billion, while divestitures of non-strategic firms accounted for a reduction of $3.3 billion or 2.6% of 2002 year-end assets."We are gratified that the relationships our member firms have built with their clients over the years have enabled us to attract new assets in this difficult market environment," said Scott Powers, chief executive of Old Mutual Asset Management. As of March 31, 2003, Old Mutual Asset Management managed a total of $121.5 billion.
About Old Mutual Asset Management
The member firms of Old Mutual Asset Management provide high-quality, actively managed investment products in all major asset classes and investment styles, with each firm focusing on its own specialized area of expertise. More information on member firms, and their investment teams and strategies, is available from the group's Web site at www.oldmutualus.com. 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. The company is listed on the London Stock Exchange with a market capitalization of approximately $5.6 billion as of April 24, 2003. More information on Old Mutual is available at www.oldmutual.com.