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OMGI multi-asset business drives strong H1

Old Mutual Global Investors multi-asset business has driven a strong H1 with company profits more than doubling compared to the same period last year.

Gross sales were up 31 per cent to £8.2bn compared to £6.3bn in H1 2016.

Funds under management were up 17 per cent to £36.6bn.

Old Mutual Wealth chief executive Paul Feeney says: “One of our strongest performance areas was our multi-asset solutions business, which is part of Old Mutual Global Investors, which saw impressive growth in net flows to £1.6bn.”

In the single strategies, the results note strong performance from the £7bn Old Mutual Global Equity Absolute Return fund with all absolute return funds above target over three years. Overally 79 per cent of funds were above target over three years on a FUM-weighted basis.

The results note that the UK Mid Cap and the UK Alpha funds are above £2bn, while the North American Equity fund saw £900m in gross sales.

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