Buxton boosts Old Mutual third quarter sales

Old Mutual Global Investors (OMGI) recorded net inflows of £300m in the third quarter of this year, including “strong inflows” into Richard Buxton’s UK Equity Alpha fund.

OMGI saw funds under management grow to £15.2bn, up 10 per cent on the start of the year.

The company said that the Spectrum range of risk targeted funds, Global Equity Absolute Return, UK Smaller Companies and UK Mid Cap funds had also helped the fund house grow.

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Meanwhile, Skandia saw £1.2bn in UK platform sales in the third quarter, up £300m on a year earlier. Old Mutual Wealth, which comprises OMGI and Skandia, will focus on delivering the new Select range of funds and managed portfolio service for advisers at the start of next year, the company said.

“Old Mutual Global Investors has gained significant traction this year with a new brand, additional fund managers and a great performance track record”, said Paul Feeney, chief executive of Old Mutual Wealth.

“The platform has also seen strong sales growth and I am very excited about combining the strengths of these two parts of our business to deliver the Select proposition in Q1 next year.”