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

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Old Mutual Wealth saw Q3 net inflows rise 33% year-on-year as government savings reforms began to take effect and the WealthSelect range gained traction.

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...

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