Old Mutual Wealth said that its net client cash flows reached £1.8bn in the first quarter of 2016, a surge of 80% compared to £1bn in the year-ago quarter.
The company’s gross sales during the period stood at £5.4bn, up 17% from £4.6bn in the first quarter of 2015. The company attributed the rise to strong sales into the Investment Division and the UK Platform.
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Funds under management (‘FUM’) increased by 3% to £107.1bn from £104.4bn in the previous quarter, primarily driven by strong NCCF growth.
The UK Platform recorded gross flows of £1.6bn during the period, compared to £1.4bn a year earlier. Net flows in the first quarter of 2016 were £0.7bn, up from £0.6bn a year ago. The UK Platform FUM stood at £35.4bn, compared to £34.5bn in the previous quarter.
Compared to the previous quarter, Old Mutual Global Investors’ FUM rose 5% to £26bn, while Quilter Cheviot’s FUM increased to £18bn from £17.8bn.
Old Mutual Wealth CEO Paul Feeney said: ‘We have achieved strong net client cash flows notwithstanding the volatile market conditions. We have also seen strong pensions sales in Q1 2016 as we continue to benefit from the introduction of pension freedoms in the UK last year."
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