Old Mutual eyes U.S. expansion

Old Mutual PLC of London is planning to expand its asset-management division in the U.S., according to MarketWatch. Within four years, Old Mutual Asset Management of Boston expects to manage $600 billion, up from last year’s figure of $261.3 billion according to Kevin Hunt, Old Mutual’s executive vice president. He also expects mutual fund assets to bloom to $20 billion from $8.5 billion over the next few years. Much of that new business will come from individual investors as the 19-firm company will ramp up new mutual funds and products, says Mr. Hunt. New asset-allocation and target-date retirement are scheduled to come out this fall, Mr. Hunt told MarketWatch. The company has also been trying to move its mutual funds through advisers, instead of through no-load distribution channels.