Hedge fund assets under management at Old Mutual Asset Managers (OMAM) have reached USD 1.2 billion, driven by strong inflows since the start of the year.

OMAM launched its first hedge fund in December 2001 and has reached this important milestone thanks to strong performance and focused marketing.

Though currently closed to new business, the company's flagship global equity market neutral strategy, the Old Mutual UK Specialist Equity Fund, now has over USD 1 billion under management. Other equity long/short strategies that have been successfully developed focus on Asia - including Japan - and US mid caps. In addition, OMAM has developed a multi strategy platform, combining internal and proven external expertise.

"From the launch of our first hedge fund in December 2001 we are obviously delighted to have grown so rapidly," said OMAM director of sales & marketing, Andrew Lightbown. "Our hedge fund business is core to our long term strategy and is backed by our first class investment teams, our focus on delivering performance that meets or exceeds clients' expectations and appropriate risk profiles as well as our active sales and marketing approach.

"We will continue to carefully manage capacity to protect the performance potential of our funds as well as launch new funds and innovative multi strategy products as appropriate, utilising our investment capabilities."