LONDON, and BOSTON, July 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 second quarter of 2003. Assets under management for the group increased by 12.0% overall, with investment performance accounting for 10.8% of the gain and the remainder attributed to combined net inflows of client assets of $1.4 billion, or 1.2% of March 31 assets of $121.5 billion. As of June 30, 2003, Old Mutual Asset Management member firms managed a total of $136.1 billion."The benefits of our diversified structure are most evident when markets experience a dramatic shift in sentiment, as we saw from the first to the second quarters this year," said Scott Powers, chief executive of Old Mutual Asset Management. "Our firms have succeeded by remaining committed to their investment disciplines and providing clients with the focused expertise and specific market exposure they require."
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. More information on Old Mutual is available at
www.oldmutual.com.