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

clock

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...

To continue reading this article...

Join Professional Adviser

  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
  • 
 Be the first to hear about our events and awards programmes.

Join

 

Already a Professional Adviser member?

Login

More on Investment

The report also revealed that just six holdings of a total ten hold any value, with the remaining four companies representing no value in the fund.

Remaining Woodford fund assets shrink 40% since last distribution

Just six holdings of a total ten hold any value

James Baxter-Derrington
clock 07 December 2023 • 3 min read
Partner Insight: Taming your inner FOMO

Partner Insight: Taming your inner FOMO

Orbis
clock 06 December 2023 • 6 min read
Advisers drive multi-asset inflows to Premier Miton amid tough year

Advisers drive multi-asset inflows to Premier Miton amid tough year

Inflows to diversified multi-asset funds up 19% year-on-year

Hope Coumbe
clock 05 December 2023 • 1 min read