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Old Mutual Wealth sales boosted by pension freedoms

Old Mutual Wealth 2014

Old Mutual Wealth has reported a 16 per cent rise in year-on-year sales during the first quarter, from £3.9bn to £4.6bn, as assets on its UK platform hit £33bn.

The firm’s interim management statement for the first three months of 2015, published this morning, reveals platform sales were up 15 per cent year-on-year to £1.45bn, driven by strong pension and Isa sales. This trend has been reported across the industry as savers moved to take advantage of pension freedoms introduced on 6 April.

A tenth of platform sales came via its advice network Intrinsic, Old Mutual says, while gross flows into Old Mutual Global Investors from the UK platform increased from £347m in Q1 2014 to £565m this year.

Funds under management at OMGI have also risen since the start of the year, from £21bn on 1 January to £22.5bn at the end of March.

Total funds under management across Old Mutual Wealth were £102.3bn, up 24 per cent from £80.2bn last year. Excluding the addition of funds through Quilter Cheviot and the sale of its French arm, FUM rose 5 per cent year-on-year.

Old Mutual chief executive Julian Roberts says: “Old Mutual Wealth has had a solid start to the year and we are seeing continuing benefits from the vertically-integrated model, with Intrinsic and Quilter Cheviot performing well. Reflecting this, platform sales were up 15 per cent, pension sales up 40 per cent, Isa sales up 20 per cent and FUM were over £100bn at the quarter end.”

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