Budget reforms and WealthSelect spur 33% jump in Old Mutual Wealth Q3 flows

The business saw net client cash flows of £800m over the quarter, up from £600m in Q3 2013, helping take total funds under management to £82.2bn by 30 September. While gross and net sales at Old Mutual Global Investors (OMGI) were flat year-on-year, the UK platform enjoyed its strongest quarter of the year to date on a gross basis, with £1.3bn of gross flows. Net flows to the platform stood at £500m, up from £400m a year previous, to help total platform assets to £29.5bn. The most significant boost appears to have come via the business' WealthSelect proposition, launched earlier th...