The U.S. asset management arm of Old Mutual PLC has announced that assets under management by the unit increased 2.1% during the second quarter.

Old Mutual Asset Management said on Tuesday that it added $3.4 billion of assets in the quarter, for a total under management of $163.4 billion at June 30.

Net inflows of client assets contributed $2.9 billion, or about 85% of the increase, and investment performance accounted for the remainder.

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