OLD MUTUAL PLC - OMAM Reports Financial and Operating Results for the First Quarter Ended 31 March 2016

OMAM Reports Financial and Operating Results for the First Quarter Ended   31 March 2016

       OLD MUTUAL PLC
       ISIN CODE: GB00B77J0862
       JSE SHARE CODE: OML
       NSX SHARE CODE: OLM
       ISSUER CODE: OLOMOL

       Ref 306/16
       5 May 2016


       OMAM REPORTS FINANCIAL AND OPERATING RESULTS FOR THE FIRST QUARTER
       ENDED 31 MARCH 2016
       OM Asset Management plc (OMAM), the majority-owned subsidiary of Old Mutual plc, today
       reports its results for the first quarter ended 31 March 2016.
       The following is an extract from the OMAM announcement and the full announcement is
       available via the OMAM website – http://ir.omam.com/investor-relations/news/


       “OMAM Reports Financial and Operating Results for the First Quarter Ended March 31,
       2016


       • Economic net income of $32.0 million ($0.27 per share) for the quarter, down (14.2)% from
         the comparative quarter in 2015
       • U.S. GAAP earnings of $30.8 million ($0.26 per share) for the quarter, down (9.9)% from the
         comparative quarter in 2015
       • AUM of $218.0 billion at March 31, 2016, an increase of 2.6% from December 31, 2015
       • Net client cash flows (“NCCF”) for the quarter of $2.4 billion yielding a positive annualized
         revenue impact of $7.3 million


       “Our results for the quarter demonstrate the strength and diversity of our multi-boutique
       franchise, as our Affiliates generated solid organic NCCF growth of $2.4 billion in a period
       marked by extreme volatility and challenging macroeconomic trends,” said Peter L. Bain,
       President and Chief Executive Officer of OMAM. “Our financial results were impacted by a
       (5.3)% market-driven decline in average assets, and higher expenses as we continued to invest
       in the business.”
       “Our business model is designed to generate growth opportunities across our existing Affiliates
       through collaborative initiatives and our Global Distribution platform, and we continue to make
       progress in both of these areas. Our Affiliate Management Team is working with a number of
       Affiliates on product expansion initiatives, and seed-related products were meaningful
       contributors to our gross inflows in the first quarter. Our Global Distribution platform had a
       strong quarter, and has reached profitability ahead of schedule. In addition, we remain focused
       on efficient capital management and increasing shareholder value through effective capital
       allocation strategies. On March 15, shareholders approved the open market component of our
       share repurchase program, and we commenced opportunistic repurchases of our shares during
       the remainder of the quarter.”

       Mr. Bain concluded, “We have been active in cultivating relationships with high quality asset
       management boutiques. Entrepreneurial asset managers understand and appreciate our
       unique approach and the value we bring to our Affiliate partnerships, and we are pleased with
       the quality and breadth of firms with which we have engaged.”


       A conference call and simultaneous webcast to discuss the OMAM results will be held at
       10:00am EST / 3pm BST. To listen to the call or view the webcast, participants should:

       Dial-in
       Toll Free Dial-in Number: (877) 201-0168
       International Dial-in Number: (647) 788-4901
       Conference ID: 60328973

       Link to webcast (register ahead of time or join immediately prior to the call):
       http://event.on24.com/r.htm?e=1143935&s=1&k=570614F5895521929822B87E4EDB93E7
       A replay of the call will be available beginning approximately one hour after its conclusion either
       on OMAM’s website, at http://ir.omam.com or by:

       Dial-in Replay
       Toll Free Dial-in Number: (855) 859-2056
       International Dial-in Number: (404) 537-3406
       Conference ID: 60328973


       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


      Sponsor:
      Merrill Lynch South Africa (Pty) Ltd


      Joint Sponsor:
      Nedbank Capital




       Notes to Editors
       Old Mutual provides investment, savings, insurance and banking services to 18.9 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 2015, the Group reported adjusted operating profit before tax of £1.7
       billion and had £304 billion of funds under management from core operations (excluding Rogge).
       For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com






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