Old Mutual eyes U.S. expansion

Old Mutual of London is planning to significantly expand its asset-management division in the U.S., according to MarketWatch.
JUL 06, 2007
By  Bloomberg
Old Mutual PLC of London is planning to expand its asset-management division in the U.S., according to MarketWatch. Within four years, Old Mutual Asset Management of Boston expects to manage $600 billion, up from last year’s figure of $261.3 billion according to Kevin Hunt, Old Mutual’s executive vice president. He also expects mutual fund assets to bloom to $20 billion from $8.5 billion over the next few years. Much of that new business will come from individual investors as the 19-firm company will ramp up new mutual funds and products, says Mr. Hunt. New asset-allocation and target-date retirement are scheduled to come out this fall, Mr. Hunt told MarketWatch. The company has also been trying to move its mutual funds through advisers, instead of through no-load distribution channels.

Latest News

No succession plan? No worries. Just practice in place
No succession plan? No worries. Just practice in place

While industry statistics pointing to a succession crisis can cause alarm, advisor-owners should be free to consider a middle path between staying solo and catching the surging wave of M&A.

Research highlights growing need for personalized retirement solutions as investors age
Research highlights growing need for personalized retirement solutions as investors age

New joint research by T. Rowe Price, MIT, and Stanford University finds more diverse asset allocations among older participants.

Advisor moves: RIA Farther hails Q2 recruiting record, Raymond James nabs $300M team from Edward Jones
Advisor moves: RIA Farther hails Q2 recruiting record, Raymond James nabs $300M team from Edward Jones

With its asset pipeline bursting past $13 billion, Farther is looking to build more momentum with three new managing directors.

Insured Retirement Institute urges Labor Department to retain annuity safe harbor
Insured Retirement Institute urges Labor Department to retain annuity safe harbor

A Department of Labor proposal to scrap a regulatory provision under ERISA could create uncertainty for fiduciaries, the trade association argues.

LPL Financial sticking to its guns with retaining 90% of Commonwealth's financial advisors
LPL Financial sticking to its guns with retaining 90% of Commonwealth's financial advisors

"We continue to feel confident about our ability to capture 90%," LPL CEO Rich Steinmeier told analysts during the firm's 2nd quarter earnings call.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.