Old Mutual subsidiary's GAAP earnings fall

OM Asset Management, the majority-owned subsidiary of Old Mutual, has reported its results for the fourth quarter and year ended 31 December 2016.

Highlights include:

- U.S. GAAP earnings of $25.3 million ($0.21 per share) for the quarter, down (31.4)% compared to the 2015 period, and $126.4 million ($1.05 per share) for the year, down (18.7)% compared to the 2015 period

- Economic net income of $38.9 million ($0.33 per share) for the quarter, up 6.6% compared to the 2015 period, and $145.1 million ($1.21 per share) for the year, down (3.1)% compared to the 2015 period (excluding the non-recurring performance fee)

- AUM of $240.4 billion at December 31, 2016, up 13.2% from December 31, 2015

- Net client cash flows ("NCCF") for the quarter of $1.5 billion with an annualized revenue impact of $14.6 million; full year NCCF of $(1.6) billion with an annualized revenue impact of $11.0 million

- Completed a secondary public offering of 14.95 million ordinary shares on behalf of Old Mutual plc, with a concurrent repurchase of six million shares from Old Mutual plc, both at a price of $14.25 per share, in December 2016

At 2:20pm: (LON:OML) Old Mutual Group PLC share price was -0.55p at 206.95p