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Old Mutual Restructures

Old Mutual of London has announced the formation of Old Mutual Asset Managers (US), an aligned group of six asset management firms which were affiliates of United Asset Management when it was acquired by Old Mutual in September.

Old Mutual Asset Managers (US), which began operating Jan. 1, is one of three units Old Mutual has created out of the over 40 UAM affiliates, and will constitute the basis for Old Mutual's asset management platform, according to a spokesperson for Old Mutual. The other units are Pilgrim Baxter, which manages the PBHG funds and will stand alone, and UAM Affiliates, which is comprised of the remaining affiliates, the spokesperson said. Some of those remaining affiliates may join Old Mutual Asset Managers (US) over time, according to the announcement.

The six firms of Old Mutual Asset Managers (US), which had total assets under management of $70 billion as of Nov. 30 are: Analytic Investors of Los Angeles; Barrow, Hanley, Mewhinney & Strauss of Dallas; Clay Finlay of New York; Dwight Asset Management Company of Burlington, Vt.; NWQ Investment Management Company of Los Angeles; and Provident Investment Counsel of Pasadena, Calif.

The aligned firms will work closely with Old Mutual's international asset management businesses, providing coverage of US asset markets and global product offerings to Old Mutual's clients in Europe and Africa, according to the announcement.

"With the creation of [Old Mutual Asset Mangers (US)], we are able to offer a range of exceptional international investment capabilities both in the US and to our customer base in Europe and southern Africa, and grow these substantially over time," said Kevin Carter in a statement. Carter will be CEO of the new unit.