Old Mutual Asset Management and Northeast Retirement Services Announce a
Strategic Transfer Agent Outsourcing and Successor Trustee Relationship
BOSTON, May 7, 2013
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
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
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
firstname.lastname@example.org. Please also visit www.nrstpa.com
SOURCE Old Mutual Asset Management
Contact: Douglas Hesney, Vice President, Dukas Public Relations, 212-704-7385
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