14th May 2015 06:57
LONDON (Alliance News) - Old Mutual PLC Thursday reported a net client cash inflow, higher sales and growth in funds under management in the first quarter of 2015.
In a statement, the Anglo-South African financial services group said gross sales amounted to GBP7.35 billion in the three months ended March 31, compared with GBP6.25 billion in the corresponding period of the prior year, driven by its emerging markets and wealth operations.
The group reported a net client cash inflow of GBP0.5 billion from core operations, compared with a net outflow of GBP0.5 billion in the corresponding period of the prior year. Excluding low margin outflows from its non-US affiliate, Old Mutual said, the inflow would have been GBP1.9 billion in the quarter.
Funds under management increased to GBP351.4 billion from GBP319.4 billion over the course of the three months, bolstered by rising equity markets, positive foreign exchange movements and net client cash inflows, as well as the completion of its Quilter Cheviot acquisition.
"While economic growth remains relatively weak in South Africa, our businesses continue to deliver good performance. We believe our vertically-integrated UK model is well positioned to take advantage of the changes to the UK pension regime. Overall we expect continued sound performance for the current year," Chief Executive Julian Roberts said in a statement.
Bruce Hemphill, the head of Standard Bank Group's wealth, insurance and non-bank financial services, is set to succeed Roberts as chief executive in the fourth quarter of 2015.
By Samuel Agini; [email protected]; @samuelagini
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