Old Mutual Global Investors (OMGI) has reported rising net sales in the third quarter, which it atttibuted to strong flows into its new UK Alpha fund for former Schroders' head of UK equities Richard Buxton.
OMGI reported a net inflow of £500m year to date and £300m over the quarter.
It said growth was driven by strong inflows into the Spectrum range of risk targeted funds as well as the UK Alpha, Global Equity Absolute Return, UK Smaller Companies and UK Mid Cap funds.
OMGI has funds under management of £15.2bn, up 10% on the start of the year, and recorded gross sales of £2bn over the period, up 79% compared to the same period last year.
Old Mutual Wealth, comprising Skandia and Old Mutual Global Investors, revealed funds under management have reached £76bn, an increase of £6.8bn or 10% since the start of the year.
It reported net sales of £600m over the quarter, a 20% increase on the £500m recorded in Q3 2012.
For the nine months to end September 2013, Old Mutual Wealth saw total net sales of £1.4bn, up 7% from £1.3bn in the same period of 2012.
Increased gross sales in international markets were offset by slower sales in the UK post-RDR, it said.
However, the Skandia platform reported net sales of £400m in Q3, unchanged from the third quarter of 2012.
The platform’s assets under management are £26.2bn, a 16% increase since the start of the year.
Old Mutual Wealth is now focused on delivering the new Select range of funds and managed portfolio service for advisers in Q1 2014, it added.
Paul Feeney (pictured), chief executive of Old Mutual Wealth, said: “We are seeing significant momentum building as we focus our strategy on delivering high quality investment solutions to financial advisers and their clients. Old Mutual Global Investors has gained significant traction this year with a new brand, additional fund managers and a great performance track record.
“The platform has also seen strong sales growth and I am very excited about combining the strengths of these two parts of our business to deliver the Select proposition in Q1 next year. Select will be a world class investment proposition with scale and integrity, all at a compelling price.”
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