Old Mutual to cut its mutual fund lineup by about half

Old Mutual Capital Inc. of Denver today announced a plan to eliminate about 45 administrative and sales positions over the next eight months as the firm looks to shrink its mutual fund lineup by about half.
JUL 23, 2009
Old Mutual Capital Inc. of Denver today announced a plan to eliminate about 45 administrative and sales positions over the next eight months as the firm looks to shrink its mutual fund lineup by about half. “We undertook a strategic review of the whole business,” said Julian Sluyters, president and chief executive of Old Mutual Capital, a unit of Old Mutual Asset Management in Boston, itself a unit of Old Mutual PLC of London. That review resulted in the realization that investors want a “simpler” approach to funds, he said. “The retail investor was overwhelmed with choices,” Mr. Sluyters said. As a result, pending board and shareholder approval, Old Mutual will dramatically reduce its roster of 42 funds. The resulting lineup is expected to include primarily single-manager, single-strategy funds.

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