Old Mutual PLC plans to raise £240 million ($352 million) in the next year from the sale of former UAM affiliates, Mike Levett, chairman and CEO, said today while presenting the group’s annual results for 2000. He would not indicate which companies would be sold, saying negotiations are in progress.
Total assets under management for the UAM affiliates fell 14% to £119 billion during the year ended Dec. 31. Old Mutual attributed the losses to poor investment returns following weakness in Nasdaq companies and the loss of £6 billion in client money from the sale of affiliates such as Murray Johnstone. As a group, Old Mutual reported a 276% jump in total assets under management, to £169 billion, at the end of last year.
Mr. Levett ruled out any further acquisitions this year.