“Our investment products continue to outperform their benchmarks across a range of asset classes. On a revenue-weighted basis, 66 per cent, 70 per cent, and 81 per cent of our products are outperforming their benchmarks over a 1, 3 and 5-year period, respectively,” said OMAM chief executive, Peter Bain.
“During the quarter, our emerging markets and global equities products performed particularly well, and also continue to attract significant net client cash flows. Our third quarter net client cash flows generated annualized revenue impact of 19.1 million dollars.”
OMAM, which is a majority-owned subsidiary of [DATA OML:Old Mutual plc], reported economic net income of 37.6 million dollars or 0.31 dollars per share for the quarter ending 30 September 2014. This is up 19 per cent from the comparative quarter in 2013.
It also saw net client cash flows of 3.1 billion dollars for the quarter, US GAAP earnings of 1.7 million dollars and the partial exercise of IPO Green Shoe for 2,231,375 shares.
(WATCH VIDEO: Analysis of Old Mutual Q3 management statement)
“We will seek growth opportunities through partnerships with at-scale asset management boutiques with strong investment and executive talent and a vision to enhance and expand their businesses in partnership with OMAM,” Bain said.
“We are very pleased to have undertaken our initial public offering on 8 October, and the subsequent partial exercise of the Green Shoe. We remain focused on generating long-term value for our shareholders through the consistent execution of our growth strategy.”