4th Nov 2015 07:45
LONDON (Alliance News) - Anglo-South African financial services group Old Mutual PLC on Wednesday said its wealth management business had a strong third quarter though it saw more subdued trading for its asset management and emerging markets businesses.
The FTSE 100-listed group, which offers life insurance, investment management and banking services, said gross sales for the group in the three months to the end of September rose 31% to GBP8.1 billion, with sales in its Old Mutual Wealth business rising 45% to GBP5.5 billion following a strong increase in pension sales.
Net client cash inflows in the quarter hit GBP1.6 billion, the company said, with the GBP2.3 billion in inflows at Old Mutual Wealth somewhat offset by a GBP1.6 billion outflow suffered for Old Mutual Asset Management and by weaker trading for its Old Mutual Emerging Markets business, where net inflows were only GBP300.0 million.
"Although we expect exchange rate movements to temper sterling reported growth and conditions for emerging markets to remain challenging, we are confident that if we continue to focus on meeting our customers' needs and improving operating efficiencies we can continue to deliver sustainable growth," said Ingrid Johnson, the group's finance director.
By Sam Unsted; [email protected]; @SamUAtAlliance
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