Old Mutual Planning Aggressive Expansion in U.S.

Having spent the seven years restructuring since it first entered the U.S., Old Mutual Asset Management is now prepared to expand its business here, Dow Jones reports. The firm, which at one point ran 40 different investment firms under its banner, will expand its both its retail and institutional products.

The goal is to expand the current $289 billion in assets under management in the U.S. to $600 billion by 2011.

“Our game plan is to aggressively increase our presence in the U.S. with a combination of new products and increased visibility of a brand name well-known in Europe and other parts of the world,” said Kevin Hunt, executive vice president at the company.

“We just felt like there was too much redundancy. At that size of a network, it was also difficult to manage. So, we decided to selectively pare back,” he said.