Old Mutual’s wealth management division, which combines financial advice, investment solutions and asset management, has reported a profit of £217 million for the year 2013, an increase of 11% compared to a year ago.
The division’s gross sales for the year were up 24%, with all core businesses contributing to the uplift. NCCF was up 15% on the prior year as the division saw strong sales on the UK Platform, by Old Mutual Global Investors (OMGI), and through our International business.
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As a result of the strong NCCF and uplift in equity markets, FUM increased by 13% to £78.5 billion, the London and South Africa-listed group said in a statement.
In the UK, the platform recorded NCCF of £2.4 billion, which was a particularly good performance given the challenging start to the year with the introduction of RDR.
FUM on the platform stood at £27.3 billion, up 21% on the prior year, and contributing to the increase in profits from £2 million last year to £13 million in 2013.
In comparison, the international cross-border business had NCCF of £0.5 billion, up 150 per cent on the prior year.
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