Old Mutual Wealth said its gross sales rose by 45% to £5.5bn in the third quarter of 2015 from to £3.8bn a year ago.
During the quarter, the wealth manager registered nearly threefold rise in net client cash flow (NCCF) at £2.3bn compared to £0.8bn in the year ago quarter.
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The group’s year-to-date funds under management (FUM) stood at £198.7bn, up 20% from £82.5bn on 1 January 2015 boosted by the purchase of Quilter Cheviot and strong net flows into the UK Platform and Old Mutual Global Investors.
Old Mutual Global Investors recorded NCCF of £1bn for the quarter driven by gross sales of £2.7bn. OMGI’s FUM since the start of the year were up 6% at £22.2bn.
The cross-border business of Old Mutual Wealth, Old Mutual International, has posted gross sales of £0.6bn in the third quarter of 2015, up 29% from £0.4bn a year ago. Old Mutual International’s FUM reached £15.5b n at the end of September 2015.
The group’s UK platform has registered gross sales of £1.6 billion for the quarter driven by pension sales. The platform delivered a 71% rise in pension sales compared to the year ago period. NCCF for the UK Platform grew 60% to £0.8bn in the quarter.
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By GlobalDataOld Mutual Wealth CEO Paul Feeney said: "We have delivered an excellent set of results in Q3 2015 against a backdrop of volatile investment markets. Huge demand for our income drawdown product has pushed our platforms sales to record levels.
"We recently launched our ‘IncomeSelect’ retirement proposition to provide the tools, products and support advisers need to ensure their clients can fully benefit from the new freedoms.
"In Q3 we formed a new multi-asset unit combining the investment knowledge of Quilter Cheviot and Old Mutual Global Investors for the benefit of all our clients and advisers in the UK and internationally."
