Old Mutual Wealth has posted pre-tax adjusted operating profit of £120 million for the first half of 2014, an increase of 11% compare to £108 million a year earlier.
The company attributed the rise to strong growth in its asset management and UK Platform businesses and decline is expense base.
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Adverse foreign exchange movements against the US Dollar and Euro reduced earnings by approximately £7 million compared with H1 2013, the company said.
During the period, Old Mutual Wealth’s fund under management (FUM) rose by 2% to £80.3 billion from £78.5 billion in the corresponding period of 2013.
For the period ended 30 June 2014, pre-tax revenue operating margin was 40% compared to 36% a year earlier.
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