NU Online News Service, Oct. 15, 9:30 a.m. – The U.S. asset management group of Old Mutual plc, London, today announced the debut of a new subsidiary company to provide its asset management expertise to managed-account program sponsors.
The new company, Old Mutual Investment Partners, will perform sales, marketing and client-service functions for participating Old Mutual member firms. It will offer a range of investment strategies from a number of Old Mutual subsidiary firms, giving managed account program sponsors a single point of contact and a dedicated support team covering various managers and strategies.
Four Old Mutual firms will participate in the new firm’s roll-out: value equity specialist Thompson, Siegel & Walmsley; growth equity specialist Provident Investment Counsel; real estate specialist Heitman; and international equity specialist Clay Finlay. Together, the four firms currently manage over $3 billion in a variety of managed-account programs.
Kevin Hunt, executive vice president and director of sales, marketing and product development for Old Mutual’s U.S. asset management group in Boston, says the move will enable the firm to take advantage of its collective resources to compete in the managed account marketplace.
“Our firms can compete most effectively by concentrating on their core competencies while Old Mutual Investment Partners focuses on serving the unique needs of the managed account client and addressing the specific operational demands of that channel,” Hunt says.
Altogether, Old Mutual’s U.S. asset-management businesses manage a total of $141.2 billion.