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Old Mutual Wealth sees 80% surge in inflows

Old Mutual Wealth sees 80% surge in inflows

An increase in funds under management for Old Mutual Global Investors (Omgi) and Quilter Cheviot has helped to boost net client cash flows for Old Mutual Wealth in the first quarter of 2016.

The quarter saw Omgi’s funds under management reach £26bn, up from £24.7bn in the final quarter of 2015, while Quilter Cheviot’s funds under management increased from £17.8bn to £18bn.

Old Mutual Wealth’s net client cash flows for the quarter reached £1.8bn, up some 80 per cent from £1bn in the first quarter of 2015.

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Meanwhile gross sales were £5.4bn - up 17 per cent from £4.6bn in the opening quarter of 2015 - in a development the company said was “primarily driven by strong sales into the investment division and the UK platform”.

Paul Feeney, chief executive of Old Mutual Wealth, said: “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.”