Old Mutual Asset Management, the US-based fund management arm of financial services group Old Mutual, won net new business of $12.3bn (€9.4bn) for the 12 months to December 31 last year, shrugging off losses at its troubled US mutual fund subsidiary.

The manager increased funds under management by 19.8% from $154.1bn at the end of 2003 to $184.6bn at the end of last year.