Old Mutual Wealth Sales and Funds under Management update Q3 2016


Old Mutual Wealth’s multi-channel model of owning distribution, an investment platform, discretionary fund management and asset management contributed to the delivery of net client cash flows (‘NCCF’) of £0.9 billion in Q3 2016 (Q3 2015: £2.3 billion).  Q3 2015 was an exceptional quarter due to changes to the pension freedom legislation that were introduced, which drove increased levels of NCCF through the UK Platform.

Year-to-date NCCF was £4.1 billion compared to £4.6 billion for the same period in 2015, with the decrease primarily due to market weakness and continued uncertainty following the outcome of the European Union referendum in June.  Year-to-date gross sales increased by 9% to £16.7 billion (Q3 2015: £15.3 billion), primarily driven by strong flows into Old Mutual Global Investors. 

For the continued business, excluding Old Mutual Wealth Italy, year-to-date NCCF decreased by 5% to £3.9 billion, from £4.1 billion in the prior year and year-to-date gross sales increased by 12% to £16.0 billion (Q3 2015: £14.3 billion.)

Funds under management (‘FUM’) increased by 14% to £119 billion since the start of the year (Q4 2015: £104 billion), primarily driven by strong net flows and favourable market movements.  UK Platform FUM increased by 14% to £40 billion (Q4 2015: £35 billion), with year-to-date gross flows of £4.7 billion (Q3 2015: £4.6 billion) and year-to-date NCCF of £1.9 billion (Q3 2015: £2.0 billion).  Old Mutual Global Investors’ FUM increased by 16% to £29 billion (Q4 2015: £25 billion) and Quilter Cheviot’s FUM increased by 11% to £20 billion (Q4 2015: £18 billion).  

Paul FeeneyPaul Feeney, CEO of Old Mutual Wealth, comments: “We have continued to grow our business and our market share despite the challenging markets which have prevailed for much of 2016.  We expect markets to remain difficult for some time given the uncertain conditions surrounding the UK’s exit from the European Union.  We are seeing early signs that our customers are regaining confidence and returning back to risk assets, albeit tentatively.  However, we believe that our focus on staying close to our customers at all times will help us maintain our market leading position.” 



For more information contact

Vee MontebelloOld Mutual Wealth020 7778 955007872

Notes to editors:

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

On a ‘go forward basis’, Quilter oversees £ 111.6 billion in customer investments (as at 31 March 2018).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset and single strategy 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; Old Mutual Wealth Private Client Advisers; discretionary fund management business, Quilter Cheviot; and Old Mutual Wealth’s multi-asset investment solutions business.

The Quilter businesses will be re-branded to Quilter over a period of approximately two years following separation from Old Mutual:

  • Intrinsic to Quilter Financial Planning
  • Private Client Advisers to Quilter Private Client Advisers
  • The Multi-Asset business to Quilter Investors
  • The UK Platform to Quilter Wealth Solutions
  • The International business to become Quilter International
  • The Heritage life assurance business to Quilter Life Assurance
  • Quilter Cheviot will retain its name.

On 19 December 2017, Old Mutual Wealth announced that it has agreed to sell its Single Strategy asset management business to the Single Strategy Management team and funds managed by TA Associates. The proposed transaction is subject to customary closing conditions, including regulatory approvals. 

Quilter is part of Old Mutual plc, a FTSE 100 group that provides investment, savings, insurance and banking. For the year ended 31 December 2017, Old Mutual reported an adjusted operating profit before tax of £2.0 billion. For further information on Old Mutual plc and the underlying businesses, please visit the corporate website at


These materials are not an offer to sell, or a solicitation of an offer to purchase, securities in the United States. The securities to which these materials relate have not been registered under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will be no public offering of the securities in the United States.

These materials do not constitute or form a part of any offer or solicitation or advertisement to purchase and/or subscribe for Securities in South Africa, including an offer to the public for the sale of, or subscription for, or the solicitation or advertisement of an offer to buy and/or subscribe for, shares as defined in the South African Companies Act, No. 71 of 2008 (as amended) or otherwise (the “Act”) and will not be distributed to any person in South Africa in any manner that could be construed as an offer to the public in terms of the Act. These materials do not constitute a prospectus registered and/or issued in terms of the Act. Nothing in these materials should be viewed, or construed, as “advice”, as that term is used in the South African Financial Markets Act, No. 19 of 2012, as amended, and/or Financial Advisory and Intermediary Services Act, No. 37 of 2002, as amended.

These materials are distributed in any member state of the European Economic Area which applies Directive 2003/71/EC (such Directive, together with any amendments thereto including Directive 2010/73/EU, the “Prospectus Directive”) only to those persons who are qualified investors for the purposes of the Prospectus Directive in such member state, and such other persons as these materials may be addressed to on legal grounds, and no person that is not a relevant person or qualified investor may act or rely on this document or any of its contents.

This document is being distributed to and is only directed at: (i) persons who are outside the United Kingdom; or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 as amended (the “Order”); or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons in (i), (ii) and (iii) above together being referred to as “relevant persons”). Any invitation, offer or agreement to subscribe, purchase or otherwise acquire securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

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.