Old Mutual sells Dwight Asset Management

RNS Number : 9851W

Old Mutual PLC

07 February 2012

 



Ref 10/12

7 February 2012

Old Mutual sells Dwight Asset Management to Goldman Sachs Asset Management

Old Mutual plc today announces that its asset management business, Old Mutual Asset Management (OMAM), has sold Dwight Asset Management (Dwight) to Goldman Sachs Asset Management (GSAM).

Subject to certain conditions, Dwight is expected to become a wholly-owned subsidiary of GSAM in the second quarter of 2012. 

Dwight, an affiliate of OMAM, provides fixed income investment management services for institutional clients including retirement plans, corporations, public funds, insurance companies, financial institutions, endowments, foundations, and Taft-Hartley plans. Dwight had unaudited gross assets of $22.2 million at 31 December 2011 and Assets Under Management of $33.2 billion as at 30 September 2011.

Peter L. Bain, OMAM's Chief Executive Officer, said: "For OMAM, the transaction will free up capital to redeploy into our global distribution and asset management franchise. We remain committed to building our multi-boutique business around long-term, institutionally-driven, active asset management."

Enquiries

External Communications / Investor Relations
Patrick Bowes		[phone]
Media
William Baldwin-Charles Investor Relations		[phone]

Kelly de Kock                                                                            [phone] 

Notes to Editors

Old Mutual

Old Mutual is an international long-term savings, protection and investment Group.  Originating in South Africa in 1845, the Group provides life assurance, asset management, banking and general insurance to more than 15 million customers in Europe, the Americas, Africa and Asia.  Old Mutual is listed on the London Stock Exchange and the Johannesburg Stock Exchange, among others.

In the year ended 31 December 2010, the Group reported adjusted operating profit before tax of £1.5 billion (on an IFRS basis) and had £309 billion of funds under management from core operations, and shareholders' equity of £9.0 billion.

For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com 

 

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