Old Mutual Wealth said its gross sales rose by 16% to £4.6bn in the first quarter of 2015 from £3.9bn a year ago.
During the quarter, the wealth manager registered net client cash flow (NCCF) of £1bn, a decline of 9% compared to the year ago quarter.
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At the end of the quarter, the group’s funds under management (FUM) stood at £102.3bn, boosted by the takeover of Quilter Cheviot, which added £17.5bn.
Excluding acquisitions and disposals, FUM rose 5% from the year end due to positive NCCF and strong market performance, the company said in its earnings release.
Old Mutual Wealth CEO Paul Feeney said: "The pension freedoms have been like a shot of adrenaline to the financial services industry. Even before they were introduced we saw increased demand for financial advice, flexible pension products and packaged investment solutions as people got ready for the changes.
"Our research shows that 81% of over-55s are aware of the new freedoms, indicating the reforms will encourage more people to take advantage of the benefits of saving into a pension. We hope the new Government will recognise the benefit of continuity – further changes risk dampening appetite for long-term saving and creating additional complexity in the pension taxation system.
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By GlobalData"One thing that is very clear is that we will continue to see strong demand for financial advice this year as people embrace new and more flexible ways of funding the later parts of their lives," Feeney added.
