Old Mutual Wealth Q1 2016 update

RNS Number : 3260X

Old Mutual PLC

05 May 2016

 

Old Mutual plc

Ref 304/16

05 May 2016

OLD MUTUAL WEAlTH FUNDS UNDER MANAGEMENT AND GROSS AND NET SALES UPDATE Q1 2016

Old Mutual Wealth's vertically integrated strategy of owning distribution, an investment platform, discretionary fund management and asset management contributed to the delivery of strong net client cash flows ('NCCF') of £1.8 billion in Q1 2016,  an increase of 80% (Q1 2015: £1.0 billion).  Gross sales increased by 17% to £5.4 billion (Q1 2015: £4.6 billion), primarily driven by strong sales into the Investment Division and the UK Platform. 

Funds under management ('FUM') increased by 3% since the start of the year to £107.1 billion (Q4 2015: £104.4 billion), primarily driven by strong NCCF growth.  UK Platform FUM was £35.4 billion (Q4 2015: £34.5 billion), with gross flows of £1.6 billion (Q1 2015: £1.4 billion) and net flows of £0.7 billion (Q1 2015: £ 0.6 billion).  Old Mutual Global Investors' FUM increased by 5% to £26.0 billion (Q4 2015: £24.7 billion) and Quilter Cheviot's FUM increased to £18.0 billion (Q4 2015: £17.8 billion).  

Paul Feeney, CEO of Old Mutual Wealth, comments:  "We have achieved strong net client cash flows notwithstanding the volatile market conditions. We have also seen strong pensions sales in Q1 2016 as we continue to benefit from the introduction of pension freedoms in the UK last year."

Enquiries

External communications

Patrick Bowes                           UK        [phone]

Investor relations

Dominic Lagan                           UK        [phone]

Sizwe Ndlovu                             SA        [phone]

Media

William Baldwin-Charles                         [phone]

                                                            [phone]

Notes to Editors

Old Mutual provides investment, savings, insurance and banking services to 18.9 million customers in Africa, the Americas, Asia and Europe. Originating in South Africa in 1845, Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999.

In the year ended 31 December 2015, the Group reported adjusted operating profit before tax of £1.7 billion and had £304 billion of funds under management from core operations (excluding Rogge).

For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com 

 

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