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Old Mutual Wealth FUM and Gross and Net Sales update Q1 2016

05/05/2016

Old Mutual Wealth’s vertically integrated strategy of owning distribution, an investment platform, discretionary fund management and asset management contributed to the delivery of strong net client cash flows (‘NCCF’) of £1.8 billion in Q1 2016,  an increase of 80% (Q1 2015: £1.0 billion).  Gross sales increased by 17% to £5.4 billion (Q1 2015: £4.6 billion), primarily driven by strong sales into the Investment Division and the UK Platform.  

Paul FeeneyFunds under management (‘FUM’) increased by 3% since the start of the year to £107.1 billion (Q4 2015: £104.4 billion), primarily driven by strong NCCF growth.  UK Platform FUM was £35.4 billion (Q4 2015: £34.5 billion), with gross flows of £1.6 billion (Q1 2015: £1.4 billion) and net flows of £0.7 billion (Q1 2015: £ 0.6 billion).  Old Mutual Global Investors’ FUM increased by 5% to £26.0 billion (Q4 2015: £24.7 billion) and Quilter Cheviot’s FUM increased to £18.0 billion (Q4 2015: £17.8 billion).

Paul Feeney, CEO of Old Mutual Wealth, comments:  “We have achieved strong net client cash flows notwithstanding the volatile market conditions. We have also seen strong pensions sales in Q1 2016 as we continue to benefit from the introduction of pension freedoms in the UK last year.”

 

 

For more information contact

Vee MontebelloOld Mutual Wealth020 7778 9550vee.montebello@omwealth.com
Tim Skelton-SmithOld Mutual Wealth02380 916 99807824 145 076tim.skelton-smith@omwealth.com

Notes to editors:

About Quilter plc:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £116.5 billion in customer investments (as at 30 June 2018).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions and discretionary fund management.

The business is comprised of two segments: Wealth Platforms and Advice and Wealth Management.

Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.

Advice and Wealth Management encompasses the financial planning network, Intrinsic; Quilter Private Client Advisers; discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

The Quilter plc businesses are being re-branded to Quilter over a period of approximately two years:

• The Multi-asset business is now Quilter Investors

• Intrinsic to Quilter Financial Planning

• The private client advisers business is now Quilter Private Client Advisers

• The UK Platform to Quilter Wealth Solutions

• The International business to Quilter International

• The Heritage life assurance business to Quilter Life Assurance

• Quilter Cheviot will retain its name

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270.  Registered in England.