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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:

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 £118.7 billion in investments (as at 30 September 2019).

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: Advice and Wealth Management and Wealth Platforms.

Advice and Wealth Management encompasses the financial advice business, Quilter Financial Planning; the discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

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

The Quilter plc businesses are being re-branded as follows: 

  • Quilter Financial Planning (previously Intrinsic)
  • Quilter Private Client Advisers (previously Old Mutual Wealth Private Client Advisers)
  • Charles Derby Group (becoming Quilter Financial Advisers)
  • Quilter Financial Adviser School
  • Quilter Cheviot
  • Quilter Investors
  • Old Mutual Wealth (becoming Quilter Wealth Solutions in 2020)
  • Old Mutual International (becoming Quilter International in 2020)

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.