Old Mutual is to close the United Asset Management (UAM) office in the Netherlands that it inherited following last September’s buy-out of UAM.
The closure will also herald the departure of Diederik van Buuren from Old Mutual/UAM.
Van Buuren previously held the title of managing director of UAM Investment Services’ Dutch operations and will leave the group on March 30.
Old Mutual will now conduct its European business predominantly from the group’s London office.
However, the group declined to comment on the future of Palladyne Asset Management, the Amsterdam based investment house that also formed part of the UAM network.
In the US Old Mutual recently announced the acquisition of additional revenue streams from Pilgrim Baxter, its major US mutual funds franchise and retail distribution platform.
It also set about aligning its group of US affiliates under the name Old Mutual Asset Managers (US) – a multi-style, multi-product firm, which currently comprises Acadian Asset Management, Analytic Investors, Barrow, Hanley Mewhinney & Strauss, Clay Finlay, Dwight Asset Management, NWQ Investment Management and Provident Investment Counsel.
Further former UAM affiliates are expected to join the group over time.