JOHANNESBURG - Old Mutual Asset Management has consolidated six of the American asset management companies it owns into a new group named Old Mutual Asset Managers (US).
The Jan. 1 realignment is tied to Old Mutual's September acquisition of United Asset Management Corp., Boston.
At the time it was purchased United had 38 affiliates. The six affiliates that now constitute Old Mutual Asset Managers (US) are: Analytic Investors Inc. of Los Angeles; Barrow, Hanley, Mewhinney & Strauss Inc. of Dallas; Clay Finlay Inc. of New York; Dwight Asset Management Co. of London; NWQ Investment Management Co. of Los Angeles; and Provident Investment Counsel of Pasadena, Calif.
Through November the six had $70 billion of assets under management and $81 million of aggregate earnings. Under Old Mutual they will retain their brand, investment philosophy and process, and client relationship responsibility.
The other 32 acquired affiliates, which have $100 billion of assets under management, may become part of the new group eventually.
Kevin Carter, who has been leading U.S. operations for Old Mutual since the United purchase, will be chief executive officer of the group, which will operate in Boston and London. He was chief executive for Old Mutual's U.K. unit.