Old Mutual saw a net outflow of £2.6bn in the first quarter of the year, although assets under management edged up and Skandia saw growth in new business volumes.
In its interim report for the three months to 31 March, the group said it saw AUM grow 1% from December 2010, rising to £303.1bn. The US asset management business saw an outflow of £3.7bn. However, emerging market fund sales climbed 13% to £115m, and the firm’s UK platform saw a 6% uptick in gross inflows to £1.4bn. Julian Roberts, group chief executive, said he was pleased with the group’s ‘steady’ performance. "This has been a quarter of steady operational performance by the group, building on the momentum we established in 2010. We are continuing to see strong growth in emerging ma...
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