Old Mutual Wealth reports growth ahead of listing

Old Mutual Wealth has reported growth increase in funds under management in a third quarter financial update as it prepares to float next year.Paul Feeney Old Mutual growth

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.

Intrinsic powers Old Mutual Wealth to ‘highest ever flows’

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.

Recommended

Old Mutual boss suggests industry buyers among OMGI bidders

Old Mutual is aiming for at least £500m from the sale of OMGI Old Mutual’s chief executive Bruce Hemphill has suggested industry buyers may be in the mix of bidders for OMGI. Old Mutual has reportedly approached the US firm that invested in Gartmore to facilitate a buyout of the single strategy division of the asset manager, […]

Retirement fund - thumbnail

Old Mutual teams up with CII to offer DB transfer training

Old Mutual Wealth is joining forces with the Chartered Insurance Institute to offer training to advisers on defined benefit pension transfers. A spokeswoman for OMW says a best practice training programme was needed given growing demand for advice on this issue, and FCA proposals for more rigorous rules on pension transfer advice. The move comes […]

Old Mutual swoops for ex-Tilney man Porteous

Old Mutual Wealth has appointed former Tilney client proposition head John Porteous as its retail customer solutions director. Porteous’s Old Mutual Wealth role is newly created and he will be responsible for setting up a retail customer solutions team. The team will work on customer service across the Old Mutual Wealth business. Old Mutual Wealth […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment