Old Mutual Asset Management had $237.3 billion in assets under management as of Sept. 30, up 2.8% from the prior quarter and 6.1% higher than the year before. The increase for the firm's 18 money management subsidiaries was tempered by the September transfer of $10.4 billion managed by First Pacific Advisors, which this year exercised an option to buy back its business and assets from Old Mutual. That outflow partially offset net inflows of $9.5 billion for the quarter and market appreciation of $7.4 billion. "Strong net inflows from new and existing clients of our member firms continue to boost our total assets under management," Old Mutual CEO Scott Powers said in a news release.
Separately, Putnam Investments had $182 billion in assets under management as of Sept. 30, up 1.1% from the prior quarter but down 5.2% from the year before, according to parent Marsh & McLennan Cos. Inc.'s third-quarter earnings announcement issued today. Mutual fund outflows put overall third-quarter redemptions at $3.1 billion, which were offset by market appreciation of $5.5 billion. In an analyst briefing today, Michael G. Cherkasky, Marsh & McLennan president and CEO, said Putnam had net inflows last month, which MMC spokeswoman Robin Liebowitz said were at $200 million. Putnam had $342 million in revenues for the latest quarter, up 0.9% from the second quarter but down 8% from the year before.
