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. “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.