Old Mutual Wealth has reported growth increase in funds under management in a third quarter financial update as it prepares to float next year.
Old Mutual Global Investors saw FUM as at 30 September increase to £39.8bn (2016: £29.3bn). The UK platform’s FUM for the same period was £47.6bn (2016: £39.7bn).
Total year-to-date integrated net flows are recorded at £3.7bn (2016: £1.1bn), of which £2.8bn is Intrinsic (2016: £1.4bn).
The business reported growth in net client cash flow in the third quarter from £0.8bn in Q3 2016 to £2.4bn in the same period this year.
Old Mutual Wealth chief executive Paul Feeney says: “While market conditions have remained relatively buoyant so far in 2017, we anticipate continued uncertainties in equity, bond and currency markets in the medium term as the potential impacts of the UK’s exit from the EU evolve over the next two years.”
He adds: “We continue to be encouraged by the opportunities ahead as we prepare for our planned listing in 2018.”
The business will provide the market with more information on its strategy at an event on 15 November.