Pensions freedom a 'shot of adrenaline' for financial services - Old Mutual Wealth

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Old Mutual Wealth (OMW) chief executive Paul Feeney has declared the government's unprecedented retirement reforms are a "shot of adrenaline" for the financial services industry, as the group lauded the positive impact of adviser network Intrinsic on Q1 sales.

Total gross sales grew by 16% to £4.6bn in the first three months of the year, boosted by the first-time inclusion of sales from Quilter Cheviot and the positive impact of flows from Intrinsic, particularly via pensions. Platform sales were up 15% to £1.44bn, with strong pension and ISA sales over the tax year end. During the quarter, over 10% of platform sales came via Intrinsic. Meanwhile, net client cash flow during the quarter was £1bn, 9% lower than in the corresponding period in 2014.   Funds under management stood at £102.3bn at the end of the quarter, boosted by the Quilter ...

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