Assets of the member firms of Old Mutual Asset Management reached $237.3 billion by the end of the third quarter, up $6.5 billion, or 2.8% from the second quarter.
Leading the boost in assets were strong net inflows of $9.5 billion, up 4.1% from the previous quarter. Investment returns of 3.2% brought in $7.4 billion of additional assets, the company said. This was offset by the transfer of $10.4 billion in assets from First Pacific Advisors in September.
“Strong net inflows from new and existing clients of our member firms continue to boost our total assets under management,” said Scott Powers, chief executive of Old Mutual. “Growth drivers continue to be our ability to deliver attractive investment returns and innovative products, and a business model that fully supports the efforts of member firms to excel."