OLD MUTUAL PLC - OM Asset Management First Quarter Results

Release Date: 14/05/2015 14:00
Code(s): OML
 
Wrap Text
OM Asset Management First Quarter Results

       OLD MUTUAL PLC
       ISIN CODE: GB00B77J0862
       JSE SHARE CODE: OML
       NSX SHARE CODE: OLM
       ISSURE CODE: OLOML


       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    +44 20 7002 7440
       Investor relations
       Dominic Lagan                          UK    +44 20 7002 7190
       Sizwe Ndlovu                           SA    +27 11 217 1163

       Media
       William Baldwin-Charles                      +44 20 7002 7133
                                                    +44 7834 524833
       Lead Sponsor:
       Merrill Lynch South Africa (Pty) Ltd

       Joint Sponsor:
       Nedbank Capital


       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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