Old Mutual's U.S. money management subsidiary, Old Mutual Asset Management, reported assets under management of $260.6 billion as of March 31, a 1.2% increase from the end of the previous quarter, despite client outflows over the period.
The firm's AUM increased due to strong market movements, according to a statement accompanying financial results for the first quarter.
Positive market movements more than offset £2.1 billion ($3.5 billion) of net client outflows, which the firm said was primarily from fixed income and U.S. and international equities.
“(Old Mutual Asset Management) has a strong management team and we continue to look for ways to improve and grow the business,” said Julian Roberts, CEO at parent Old Mutual Group, in a news release.
In a presentation accompanying the results, Old Mutual wrote that there was continued progress in its previously announced intention of an initial public offering for a minority stake in Old Mutual Asset Management later this year.