Old Mutual Closes UAM Acquisition

September 26, 2000 (PLANSPONSOR.com) - Old Mutual Plc has closed its tender offer for Boston-based United Asset Management (UAM), having accepted some 93% of shares outstanding at $25 net/share.

UAM, one of the largest independent asset management firms in the world, will eventually become a wholly owned subsidiary of Old Mutual. 

UAM’s $195 billion in assets under management includes some $119 billion in institutional accounts. The acquisition boosts Old Mutual’s assets under management to some $275 billion.  

Old Mutual intends to allow UAM’s affiliated firms to remain autonomous in investment philosophy, process, style, client relationships and branding. Affiliated companies include Pilgrim Baxter, Murray Johnstone and Heitman Financial. 

– Nevin Adams        editors@plansponsor.com

More information about the acquisition (including a list of affilated UAM companies) is at http://www.uam.oldmutual.com .

Also see the story in September’s Plan Sponsor magazine, Taming the New Beast