Old Mutual Asset Management (U.S.) had client assets of $243 billion as of June 30, down 7.6% from the prior quarter and down 1.6% from the year earlier quarter, parent company Old Mutual reported Friday.
Along with market-related declines, the latest quarter saw net clients outflows of $4.7 billion, following outflows of $3.3 billion for the prior quarter and inflows of $2.6 billion for the year-earlier quarter. Short-term profit taking on REITs managed by subsidiary Heitman Real Estate Securities, as well as outflows from Dwight Asset Management’s stable-value strategies contributed to the new outflows.
Among OMAM’s biggest subsidiaries, Barrow Hanley Mewhinney & Strauss reported $51.8 billion in client assets, down 11% from the prior quarter; Acadian Asset Management reported $43.1 billion, down 13%; Dwight had $53.6 billion, down 5%; while Rogge Global Partners — buoyed by continued demand for fixed-income products — had $38.7 billion, up 3%. The four firms accounted for 77% of the group’s overall assets under management.
The firm reported adjusted operating profit for the first half of 2010 of $40 million, up 33% from the year before.
In an interview, Patrick Bowes, London-based spokesman for Old Mutual, said the parent company continues to prepare for a public listing of up to 25% of the U.S. money management units equity as early as 2011.
