Old Mutual Wealth has posted an adjusted operating profit of £151m for the first half of 2015, up 26% from £120m a year ago, with strong growth in the OMGI and other UK businesses.
The company said that its net client cash flow (NCCF) rose by 92% in the first half of 2015 to £2.3bn from £1.2bn a year ago.
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Gross sales in the half were up 26% at £9.8bn. UK Platform gross sales were £3bn, an increase of 19% on the first half of 2014. OMGI sales were up 12% to £5.1bn.
The Old Mutual Wealth platform delivered NCCF of £1.2bn, 33% higher than £0.9bn in the year ago period. The platform posted a profit of £13m versus £10m in the first half of 2014, with FUM standing at £32.9bn.
On 30 June 2015, the group’s funds under management (FUM) stood at £101bn, compared to £80.3bn at the end of June 2014.
In the UK, OMGI’s FUM in the first half of 2015 was £22.4bn, up 7% from the start of the year. OMGI recorded NCCF of £1bn at 30 June 2015.
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By GlobalDataOM Asset Management (OMAM) division has reported a 38% increase in profits to $128m including $19m relating to an exceptional performance fee, and FUM increased 3% to $226.6bn from $220.8bn a year ago.
Old Mutual Wealth CEO Paul Feeney said: "Our focus has been to build a business that offers financial advisers all the components they might need to service their customers, whether that’s network support, flexible and innovative products, discretionary investment management or top performing asset management.
"Advisers will decide how much of the integrated proposition to use for each client but by offering it all in one place we can do so at very good value for advisers and their clients and underpin it with first class service. These results are starting to show that strategy gaining significant traction in the market."
