Old Mutual Asset Management and Northeast Retirement Services Announce a Strategic Transfer Agent Outsourcing and Successor Trustee Relationship

BOSTON, May 7, 2013 /PRNewswire/ -- Old Mutual Asset Management (OMAM), the U.S.-based global asset management business of Old Mutual plc, announced today that one of its wholly-owned subsidiaries, Old Mutual Asset Management Trust Company (OMAMTC), has entered a multi-year strategic outsourcing agreement with Northeast Retirement Services (NRS). 

Under the agreement, NRS will provide a full range of middle office services including institutional transfer agency for commingled investment funds managed by OMAM affiliates.  Additionally, Global Trust Company (GTC), a wholly owned subsidiary of NRS, will replace OMAMTC as the trustee of various collective investment trusts.

"We believe outsourcing our collective trust services to NRS /GTC, a provider that offers a seasoned management team with unique experience in collective trusts and ERISA administration, oversight, compliance and governance will allow us to enhance our focus and distribution efforts for the Defined Contribution Investment Only (DCIO) marketplace," said Linda Gibson, Chairman of the Board of OMAMTC and Head of Global Distribution for OMAM.  "This partnership provides us access to major record keeping platforms and increases our overall ability to raise assets in this channel."

"When Old Mutual approached us about expanding our initial relationship we were excited about the opportunity to work with such a respected institutionally-focused investment firm and to continue to expand our institutional transfer agency business," said Chris Hulse, Chief Operation Officer of NRS. 

The new partnership provides OMAM the opportunity to expand its collective investment trust product range and further access the growing DC marketplace.  For NRS and GTC it presents the opportunity to continue to grow its business with one of the premier investment management holding companies.

About Old Mutual Asset Management

OMAM is a global multi-boutique investment organization, managing and growing a diverse portfolio of asset managers that serve institutional investors around the world. The assets under management of OMAM's affiliated investment firms were $208.6 billion as of December 31, 2012. OMAM is the name through which Old Mutual (US) Holdings Inc. conducts its U.S. asset management business. Its parent company is London-based Old Mutual plc. More information about OMAM, its member firms, and their investment teams and strategies, is available at www.oldmutualus.com.

About Old Mutual plc

Old Mutual provides life assurance, asset management, banking and general insurance to more than 14 million customers in Africa, the Americas, Asia and Europe. Originating in South Africa in 1845, Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999.

In the year ended 31 December 2012, the Group reported adjusted operating profit before tax of £1.6 billion (on an IFRS basis) and had £262 billion of funds under management from core operations.

For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com.

About Northeast Retirement Services

Founded in 1999, Northeast Retirement Services, Inc. (NRS) provides trust product administration, customized accounting and outsourced services for investment managers, retirement plans and nonprofit endowments and foundations. Its dynamic target date administration solution is used by leading US pension plans.

NRS along with its wholly owned Global Trust Company (GTC), a trust company that sponsors collective investment trusts (CITs) for ERISA pension plans and offers specialized trusts services, have in excess of $250 Billion in combined assets under management and administration.  For more information, please contact Ken Grant, Chief Officer for Corporate Development, at 781-970-5017 or [email protected].  Please also visit www.nrstpa.com

SOURCE Old Mutual Asset Management