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Old Mutual Asset Management reports organic fund growth

Old Mutual Asset Management, the US asset management group of Old Mutual plc, has succeeded in attracting additional funds to its management portfolio in the second quarter pushing total portfolio assets past the $230 billion mark.

Assets under management by the group’s member firms reached $230.8 billion, as of June 30, 2006. Funds under management increased by 2.3% to $5.2 billion for the quarter (not including sell offs of sub-businesses). Old Mutual said in a statement that the increase was driven by strong net inflows of client assets which totaled $5.5 billion for the quarter.

However taking into account divestments, the sale of eSecLending reduced funds under management by $25.4 billion.

For the first half of the year net inflows amounted to $9.7 billion.

Continued strong net inflows and upcoming product introductions place Old Mutual Asset Management in a favorable position to increase total assets under management, said Scott Powers, chief executive of the business. As always, our business model is focused on enabling our member firms to deliver superior investment returns to clients.