OM Asset Management - First Quarter Results

RNS Number : 1837N

Old Mutual PLC

14 May 2015

 



Old Mutual plc

Ref 371/15

14 May 2015

OM Asset Management first quarter results

OM Asset Management (OMAM), the majority-owned subsidiary of Old Mutual plc, today reports its results for the three months ended 31 March 2015.

The following is an extract from the OMAM announcement. Access to the full announcement is available on OMAM's website - www.omam.com

"OMAM Reports Financial and Operating Results for the First Quarter Ended March 31, 2015

·      Economic net income of $37.3 million ($0.31 per share) for the quarter, up 14.8% from the comparative quarter in 2014

·      U.S. GAAP earnings of $34.2 million ($0.28 per share) for the quarter

·      AUM of $224.0 billion at March 31, 2015, up 10% from March 31, 2014

·      Net client cash flows of $(0.2) billion yielding positive annualized revenue impact of $11.3 million

·      $0.08 per share quarterly interim dividend approved for the first quarter of 2015"

"OMAM had a solid start to 2015, as our Affiliates continue to build on their long-term track records of strong investment performance, and we generated positive revenue growth from client cash flows into a range of higher margin, in-demand investment products," said Peter L. Bain, President and Chief Executive Officer of OMAM. "During a quarter of mixed returns in the equity markets, we reported pretax economic net income of $51 million, an increase of 18% over the same period of 2014.

"Our business continues to operate effectively, as we work alongside our Affiliates to diversify their product offerings and extend their distribution capabilities. We currently are assisting several Affiliates to develop new investment strategies in areas such as multi-asset class solutions, global timber, non-U.S. and emerging markets equities, and liability-driven investments. In addition, our Global Distribution team is building momentum in key markets around the world. Our team has established meaningful relationships with institutional investors on behalf of our Affiliates and saw strong demand during the quarter, particularly in Asia and Canada."

Mr. Bain concluded, "We are actively meeting and developing relationships with a wide range of high quality asset management boutiques whose executives are interested in partnering with a firm that enables them to retain equity ownership and economic incentives to grow their businesses, while providing the resources and support to diversify and enhance their firms for the long-term."

Enquiries

External communications

Patrick Bowes                           UK        [phone]

Investor relations

Dominic Lagan                           UK        [phone]

Sizwe Ndlovu                             SA        [phone]

Media

William Baldwin-Charles                         [phone]

                                                            [phone]

Notes to Editors

Old Mutual provides investment, savings, insurance and banking services to more than 17 million customers in Africa, the Americas, Asia and Europe. Originating in South Africa in 1845, Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999.

In the year ended 31 December 2014, the Group reported adjusted operating profit before tax of £1.6 billion (on an IFRS basis) and had £319 billion of funds under management from core operations.

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

 

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