Wrap Text
OMAM Reports Financial and Operating Results for the Second Quarter Ended 30 June 2016
OLD MUTUAL PLC
ISIN CODE: GB00B77J0862
JSE SHARE CODE: OML
NSX SHARE CODE: OLM
ISSUER CODE: OLOMOL
Old Mutual plc
Ref 467/16
4 August 2016
OMAM REPORTS FINANCIAL AND OPERATING RESULTS FOR THE SECOND QUARTER
ENDED 30 JUNE 2016
OM Asset Management plc (OMAM), the majority-owned subsidiary of Old Mutual plc, today reports its
results for the second quarter ended 30 June 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 Second Quarter Ended June 30, 2016
• U.S. GAAP earnings of $36.3 million ($0.30 per share) for the quarter and $67.1 million ($0.56 per
share) for the year to date, down (26.5)% and (19.7)%, respectively, compared to 2015 periods
• Economic net income of $36.2 million ($0.30 per share) for the quarter and $68.2 million ($0.57 per
share) for the year to date, down (4.7)% and (9.4)%, respectively, compared to 2015 periods
(excluding the non-recurring performance fee)
• AUM of $218.8 billion at June 30, 2016, an increase of 3.0% from December 31, 2015
• Net client cash flows (“NCCF”) for the quarter of $(2.9) billion yielding an annualized revenue impact
of $(3.4) million; year to date NCCF of $(0.5) billion providing positive $3.9 million of annualized
revenue impact
• Partnership with Landmark Partners announced on June 14; on track to close in August
• $400 million of long term financing raised in July
“In the second quarter, we continued to make progress executing on our strategy, as we positioned our
business for long-term growth by diversifying our franchise through our agreed investment in Landmark
Partners. In addition, in July, we strengthened our capital structure through a successful debt offering,”
said Peter L. Bain, President and Chief Executive Officer of OMAM. “While our Affiliates’ performance
was impacted by continued volatility and uncertainty in the financial markets, higher average assets and
management fees generated 11% growth in ENI per share compared to the first quarter. Net client cash
flows for the second quarter reflected an anticipated decrease in the pipeline after several large
mandates funded in the first quarter, with net flows of $(2.9) billion for the second quarter, which reflect
$(3.4) million of annualized net revenue; however, net flows of $(0.5) billion for the year-to-date represent
an increase of $3.9 million in our annualized net revenue.
“We are very pleased to have announced our investment in Landmark Partners, a leading global
secondary private equity, real estate and real asset firm. We expect to complete the transaction this
month and look forward to collaborating with the Landmark team to further grow and diversify their
business and expand their distribution capabilities outside of the U.S. In addition, in July, we enhanced
our financial flexibility through the placement of a $275 million 10-year institutional debt offering and a
$125 million 15-year retail-oriented debt offering. Both Moody’s and S&P issued investment grade
ratings in conjunction with the placements. Combined with our cash flow from operations and existing
credit facility, this additional capital provides ample capacity to continue to execute our business strategy,
including investing in growth initiatives at existing Affiliates and future diversifying acquisitions, while
efficiently managing our balance sheet. We continue to enjoy the support of our Parent as it implements
its previously announced Managed Separation strategy.””
Ends
Conference Call Dial-in:
A conference call and simultaneous webcast to discuss the results will be held at 10:00 am EST / 3pm
BST / 4pm SAST on 4 August 2016. The earnings presentation is available to download at
http://ir.omam.com. To listen to the call or view the webcast, participants should:
Dial-in:
Toll Free Dial-in Number: +1 (877) 201-0168
International Dial-in Number: +1 (647) 788-4901
Conference ID: 24898191
Link to Webcast:
http://event.on24.com/r.htm?e=1203705&s=1&k=2D11775B90172DB01107A659D764584C
Dial-in Replay:
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 at:
Toll Free Dial-in Number: +1 (855) 859-2056
International Dial-in Number: +1 (404) 537-3406
Conference ID: 24898191
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
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
Sponsor:
Merrill Lynch South Africa (Pty) Ltd
Joint Sponsor:
Nedbank Capital
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