LONDON, United Kingdom, May 6, 2003 (PRIMEZONE) -- Old Mutual plc ('Old Mutual') (Other OTC:ODMTF) (LSE:OML) is pleased to announce the re-launch of its GNI Fund Management operation under the name Bright Capital, a fund of hedge funds manager, which aims to capitalise on the opportunities it has identified in broadening its alternative investment offer to an institutional audience.During the past 18 months Bright Capital has developed and consolidated its distinctive risk process, achieving risk control through a combination of transparency, liquidity and corporate governance.
Hasan Askari, Deputy Chairman & CEO, Old Mutual Financial Services (UK) plc, said: "We believe that fund of hedge funds are a key growth area of asset management, as institutional and sophisticated private investors look for new ways to generate returns. In response to this, with Bright Capital we have developed a distinctive offering, based on a rigorous risk control process that we believe has the potential to redefine investors' expectations and widen access to the hedge fund industry."
A copy of Bright Capital's full press release and further information is available at www.brightcapital.com
Bright Capital is a subsidiary of Old Mutual Financial Services (UK) plc. Old Mutual Financial Services (UK) plc is Old Mutual's operating division in the UK and also comprises Gerrard, the leading private client wealth manager; Selestia, the IFA investment platform, and Old Mutual Asset Managers (UK), a fast growing investment boutique.