Old Mutual Wealth, comprising Skandia and Old Mutual Global Investors, has reported IFRS adjusted operating profit £217 million for 2013, an increase of 11% compared with£195 million in 2012.
The wealth manager attributed the rise in profit to the growing demand for platform based portfolio management solutions post RDR.
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The company assets grew by 13% to £78.5 billion as at 31 December 2013, versus £69.2 billion a year ago.
Underlying profits before tax have grown 36%, from £160 million to £217 million.
Old Mutual Global Investors’ (OMGI) IFRS adjusted operating profit improved to £15 million from £2 million in 2012, with gross sales up 68% at £7.6 billion.
OMGI reported net client cash flow for 2013 of £0.7 billion, which includes an outflow of £1.0 billion as a result of the group’s disposal of the Skandia Nordic business.
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By GlobalDataNet new business sales through the UK Platform into OMGI funds were 16% for the full year, up from 14% in 2012, the company said in a statement.
The UK platform recorded an IFRS adjusted operating profit of £13 million for the full year, against £2 million in 2012, with assets jumping 21% on the prior year to £27.3 billion.
International cross border gross sales of £1.92 billion were up 14% on the prior period and NCCF almost doubled to £492 million from£265 million in 2012.
Paul Feeney, chief executive of Old Mutual Wealth, said: "We are well on the road to creating a market leading asset management business in Old Mutual Global Investors. The hires we have made this year are a signal of our ambition for a business that will be a key driver of our future growth alongside our investment platforms.
"Today we have reinforced our commitment to financial advice through the acquisition of Intrinsic which is an important step in creating the UK’s leading retail investment business, improving access to wealth management services for customers across the UK."
