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Operating profit falls 30 per cent as Old Mutual appoints new chairman

Old Mutual has posted a 30 per cent drop in IFRS operating profit to £538m from £773m as retiring chairman Chris Collins is replaced by former Zurich financial director Patrick O’Sullivan.

In its interim results, released today, the firm reveals net client inflows at Skandia UK reached £400m in the first half of 2009, citing impressive platform sales.

Net client cashflows for the group were £200m over the period.

Old Mutual has boosted its group pro-forma financial group directive surplus to £1bn compared with £700m at year-end 2008. It has maintained its decision not to pay out an interim dividend.

When questioned about Bankhall’s performance in H1, during a morning conference call, chief executive Julian Roberts admitted the firm had had a challenging year so far.

He said: “It is a tough market for a business like Bankhall right at the moment but it is a very small part of our business.”

Sesame entered into discussions with Skandia about acquiring Bankhall and PMS in June. Due diligence on the deal should conclude by the end of the month.

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