MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, July 23, 2009 Old Mutual Plans to Cut Sales Staff and Shrink its Fund Lineup Old Mutual Capital (OMCAP) is eliminating "certain administrative and sales positions" as part of a plan unveiled Thursday that also includes trimming its mutual fund lineup within the next six to eight months. "As the mutual fund industry evolves, it's clear that our greatest value proposition to investors and financial intermediaries is the institutional approach that's at the core of Old Mutual Capital's global business," said Tom Turpin, president and CEO of Old Mutual Asset Management (OMAM), in a news release. Company executives said they have aligned the distribution structure, a move that involves a shift away from traditional wholesalers to a group of investment-oriented consultants. The job cuts at OMCAP will not impact investment personnel, executives said, and OMAM continues to "invest in the staffing of its affiliated managers." As for the streamlining of the product lineup, it was not immediately known how many funds will be gone from the menu. The streamlining, subject to board and shareholder approval, will result in a product menu that is expected to include "primarily single-manager, single-strategy funds," company officials said. Printed from: MFWire.com/story.asp?s=22142 Copyright 2009, InvestmentWires, Inc. All Rights Reserved |