The business saw year-on-year net inflows increase 50 per cent in H1 2014, from £800m to £1.2bn
The Skandia platform made a £10m profit for the first six months of the year, up from £2m this time last year. It made gross sales of £2.5bn, up 11 per cent on £2.3bn in 2013.
Old Mutual attributes the growth largely to demand for its WealthSelect range, launched in February, and Spectrum. WealthSelect generated £160m in net inflows and says a further £65m was added in July.
Profits at fund management arm Old Mutual Global Investors doubled to £16m.
The firm acquired Intrinsic in February. It says integration costs will show in its H2 results.
The firm adds it expects to complete its rebrand to Old Mutual Wealth and move away from the Skandia label in September.
Old Mutual chief executive Paul Feeney says: “Our focus is on building investment solutions that meet different customer needs. We believe that is what people need to help them secure their financial future and these results are a good endorsement of that strategy.
“The launch of WealthSelect this year is an example of how we can use our platform and asset management expertise to build a service that gives advisers a range of managed portfolio solutions aligned to their clients’ needs.
“The acquisition of Intrinsic during the period was a significant milestone in our plans to become a leading investment solutions provider. Building the solutions is one thing but we need to make them more accessible to people and have a direct understanding of what they want. Intrinsic enables us to do that and is an important addition to our business.”
Sales fell at the Skandia international business, from 4 per cent from £931m to £892m. It includes the firm’s Latin American and South African business and Hong Kong and Singapore.
Its European business made a £14m profit, up 27 per cent year on year from £11m.