Tim Cumming, Chief Executive of Old Mutual Asset Managers South Africa Ltd., a wholly-owned unit of Old Mutual PLC outlined the following divisions to Dow Jones Newswires:
- A multi-style grouping of six to nine of UAM’s financial affiliates called OMAM US
- A second grouping focused on its mutual funds activities, driven from the Pilgrim Baxter assets
- A third of 31 to 34 (under) “review” companies, which could be sold or merged with other units
Old Mutual US Holdings will be the holding company for the three units.
Cumming told Dow Jones “UAM is a conglomerate of financial companies, some good, some poor and some in the middle. There had been no central strategy and no strategic drive to coordinate the businesses.”
The $2.4 billion acquisition of UAM in September brought the US group’s 41 financial companies – and more than $53 billion in managed assets – under the Old Mutual umbrella.
Old Mutual reportedly does not intend to rebrand the individual companies.