Old Mutual Wealth has reported gross sales of £3.7 billion for the third quarter of 2013, a rise of 33% compared with £2.8 billion in the comparative period a year ago.
FUM was up 10% from the start of the year to £76 billion due to strong net flows into the Invest and Grow businesses and positive markets.
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While the third quarter in the UK is traditionally the quietest, Platform gross sales of £1.2 billion were up 40% on the comparative period as confidence has returned.
"We are now seeing real momentum building. In International, gross sales were broadly flat on Q3 2012, after being affected by slower UK sales post-RDR. The business is increasingly focused on single premium investment business," the company said in a stement.
Old Mutual Global Investors’ (OMGI) FUM at the end of 30 September 2013 were £15.2 billion, up 10% on the start of the year. Net client cash flow (NCCF) for the quarter was £0.3 billion.
Old Mutual’s US Asset Management unit continued the momentum it established in the first half of the year, with NCCF for the period of US$2.3 billion which, allied to positive market movements, resulted in a 17% year to date growth in FUM to $243.2 billion.
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By GlobalData"NCCF was diversified across a broad range of investment strategies including emerging markets, international equities, dividend focus equities, and US and global fixed income products," the company’s statement added.
