Old Mutual Wealth has saw net inflows of £800m in the third quarter of 2013, an increase of 33% compared to £600m in the year ago period of 2013.
The inflows boosted total net client flows for the year to £2bn, a 43% surge compared to the same period in 2013.
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Old Mutual Wealth’s FUM in 2014 rose 5% to £82.2bn following another good quarter of net flows into the UK Platform and OMGI plus the addition of 50% of Cirilium.
Old Mutual Wealth’s gross sales of £1.3 billion into the UK Platform were the strongest quarter of the year to date.
OMGI gross sales were flat at £2bn, with the comparative quarter in 2013 boosted by the launch of the UK Alpha Fund. Net client cash flows (NCCF) was £0.3bn, flat on Q3 2013, with gross sales into OMGI products from all OM Wealth channels increasing to £669m, versus £439m in the third quarter of 2013.
The Intrinsic integration is proceeding as planned and 6% of September’s flows into the Platform were sourced via Intrinsic advisers, up from 3% for July, the company said in a statement.
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By GlobalDataJulian Roberts, Group Chief Executive, said: "Old Mutual Wealth had another strong quarter, with a greater proportion of assets flowing through the Platform into Old Mutual Global Investors. OM Asset Management generated good quality net client cash flow in the quarter.
"While economic activity remains subdued in South Africa, with consumers remaining under pressure, the Government’s medium term budget policy statement is positive for the economy as a whole. Growth remains robust elsewhere in Africa. Old Mutual Wealth’s vertically integrated business means it is well positioned to deliver profitable growth," he added.
