Old Mutual Reports 3.2% Drop In U.S. Assets

NU Online News Service, July 25, 11:10 a.m. – Old Mutual P.L.C., London, says its U.S. asset-management operations ended the first half of the year managing $141 billion in assets, down from $150 billion at the end of 2001.

But internal asset transfers and sales of two asset-management units, Suffolk Capital Management and C.S. McKee & Company, accounted for $5.4 billion of that shrinkage, and clients actually put in $1.5 billion more in the first half than they took out, Old Mutual says.

Excluding divestitures, assets declined 3.2%, compared with a 6.9% decline for the Dow Jones Industrial Average and a 13% decline for the S&P 500 Index, Old Mutual says.