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Rating:Touchstone Deal Boosts Old Mutual By $8M Per Year Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, November 03, 2011

Touchstone Deal Boosts Old Mutual By $8M Per Year

News summary by MFWire's editors

Old Mutual expects to boost its profit by $8-10 million per year thanks to the Touchstone deal. The British and South African parent of the U.S. multi-boutique asset manager revealed that tidbit today in its "interim management statement" (i.e. third quarter earnings report).

Bloomberg Businessweek, Business Live, Dow Jones, RTTNews and ShareCast all reported on Old Mutual's results.

A month ago Touchstone revealed a deal to buy 17 Old Mutual funds with about $2 billion in total assets [see MFWire.com, 10/4/2011]. Old Mutual expects to complete the sale in the second quarter of next year.

Overall, Old Mutual's U.S. asset management business suffered a 12.6 percent dip in assets last quarter, reaching $226.8 billion on September 30. That included $11.1 billion in net outflows and $21.7 billion in performance pain, even as the S&P 500 lost 14.33 percent for the quarter.

Meanwhile, it appears that Old Mutual is no longer in a hurry to spin off the entire U.S. asset management arm. Last month Old Mutual Asset Management chief Peter Bain told a trade pub that the firm is not rushing the IPO [see MFWire.com, 10/17/2011]. 

Edited by: Neil Anderson, Managing Editor

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