View more on these topics

Old Mutual Wealth boosted by 80% surge in Q1 inflows


Old Mutual Wealth has seen net client cash flows increase by 80 per cent for Q1 year-on-year.

The provider recorded inflows of £1.8bn, up from £1bn in Q1 2015.

Old Mutual attributed the change to strong sales into its UK platform and investment division – gross sales increased by 17 per cent from £4.6bn to £5.4bn.

The surge of cash flows also meant that funds under management increased 3 per cent from £104.4bn to £107.1bn.

UK platform funds under management increased from £34.5 to £35.4m, while gross flows also climbed from £1.4bn to £1.6bn and net flows rising from £600m to £700m.

Old Mutual Global Investors saw funds under management increase 5 per cent from £24.7bn to £26bn, while Quilter Cheviot funds rose from £17.8bn to 18bn.

Chief executive Paul Feeney says: “We have achieved strong net client cash flows notwithstanding the volatile market conditions. We have also seen strong pensions sales in Q1 2016 as we continue to benefit from the introduction of pension freedoms in the UK last year.”

It comes as the firm continues to evaluate how to manage its break up from the broader Old Mutual group.

Old Mutual announced in March that it would seek to break itself into four groups, Old Mutual Wealth, South African lender Nedbank, the South African Old Mutual Emerging Markets business and its US institutional asset management arm OM Asset Management, and observers have speculated that the move will translate for a float for Old Mutual Wealth in the UK.

A spokesman says: “We are making good progress on establishing the optimal route and sequence for the managed separation and are engaging with our stakeholders as we promised when we announced the managed separation on 11 March 2016.”

“We will update the market later in 2016 by giving greater clarity on our preferred route for separation.”


Platforum head of intermediary research Miranda Seath

Platform focus: Old Mutual Wealth is at a critical juncture

Old Mutual Wealth has been attracting column inches since South African parent company Old Mutual Group announced it would split into four different businesses by 2018: a South African bank, an African insurer, a US asset manager and a UK-based wealth manager. As the Old Mutual group looks to consciously uncouple from its UK wealth […]

Old Mutual Wealth 2014

Old Mutual caps pension exit penalties at 5%

Old Mutual Wealth has become the latest provider to introduce a 5 per cent cap on exit penalties and scrap fees for customers who stop contributing. Ahead of the first report produced by the independent governance committee, the firm says it is reducing exit fees on legacy contracts and capping them at 5 per cent […]

Old Mutual Wealth 2014

Private equity bidders circle Old Mutual Wealth

A number of America’s biggest private equity firms are preparing bids for Old Mutual Wealth, the Sunday Times reports. The wealth division is said to be the most attractive to buyout funds following the announcement the Old Mutual group will be split into four businesses. Firms including Advent International, Bain Capital and Carlyle are weighing […]

Nigeria cover image - thumbnail

White paper — Nigeria International Insights

Jelf Employee Benefits closely examines healthcare provision and challenges within Nigeria. This will be of particular interest to HR decision makers with employees based in Nigeria, and assesses the environment, risks, facilities and safeguards that are relevant to organisations that are actively deploying expatriate staff in this location.

Who pays inheritance tax and how to declare it

By Kim Jarvis, Canada Life In this article we look at which forms personal representatives (PRs) need to complete and who actually pays inheritance tax (IHT).  To recap, under current rules, any part of the estate that falls within the available nil-rate band (NRB), currently £325,000, is taxed at zero. Anything in excess of the NRB […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm