Old Mutual Wealth assets hit £99bn after Quilter Cheviot deal

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Old Mutual Wealth has seen a 45 per cent increase in gross sales in the third quarter bringing funds under management to £98.7bn, following the acquisition of Quilter Cheviot.

Year-to-date funds under management grew 20 per cent, up from £82.5bn at the start of the year, with the Quilter Cheviot acquisition adding £17bn.

Since the acquisition of Quilter Cheviot in February this year, the division has added £700m of new inflows to Old Mutual Wealth.

Flows at Old Mutual Global Investors grew 43 per cent to £2bn, compared to £1.4bn in the same period last year. Funds under management at the asset management arm were up 6 per cent since the start of the year, to £22.2bn.

The asset manager says its recent moves to bring onboard Russ Oxley and the rates and liability driven investment team and to redesign the Old Mutual Generation multi-asset funds will help future growth at OMGI.

Old Mutual Wealth chief executive Paul Feeney says: “We continue to collaborate across the business where it adds value to advisers and their clients. In Q3 we formed a new multi-asset unit combining the investment knowledge of Quilter Cheviot and Old Mutual Global Investors for the benefit of all our clients and advisers in the UK and internationally.”

The UK platform business also saw strong sales, with £1.6bn of gross sales for the quarter, mainly driven by pensions freedoms sales, which were up 71 per cent compared to Q3 last year.

Feeney adds: “Huge demand for our income drawdown product has pushed our platforms sales to record levels. We recently launched our IncomeSelect retirement proposition to provide the tools, products and support advisers need to ensure their clients can fully benefit from the new freedoms.”