Old Mutual on Friday reported $259.6 billion in combined assets under management for its U.S. money management affiliates as of June 30, down 0.8% from the prior quarter but up 6.7% from a year earlier.
According to the company’s earnings release, the 18 affiliates that comprise Old Mutual’s U.S. asset management business saw combined outflows of $4.4 billion for the latest quarter, down from outflows of $6 billion for the prior quarter and $4.7 billion a year ago.
The earnings release noted that more than half of the outflows during the first half of 2011 came from short-term stable value and cash.
Dwight Asset Management, a fixed-income affiliate with a large stable value business, reported AUM of $40.7 billion as of June 30, down 4% from the prior quarter and off 24% from the year before.
Other top affiliates fared better, with Barrow, Hanley, Mewhinney & Strauss reporting $63.1 billion in assets, up marginally from the prior quarter and up 22% from the year before; Acadian Asset Management, reporting $50.6 billion, again up marginally from the prior quarter but up 17% from the year before; and Rogge Global Partners, reporting $45.6 billion, up 2.9% from the prior quarter and up 18% from the year before.
The company provided six-month revenue and adjusted operating profit figures for its U.S. asset management business, with revenue coming to $388 million, up 7% from the year-earlier half, and operating profits at $76 million, up 25%.
Separately, Old Mutual said the planned IPO of its U.S. asset management business is unlikely to happen by the end of 2012 because of concerns that the U.S. recovery is faltering amid plummeting stock prices.
The public offer is not “mission critical” to Old Mutual’s plans to pay down £1.5 billion ($2.4 billion) of debt by the end of next year, CEO Julian Roberts said on a conference call Friday.
Bloomberg contributed to this story.