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 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.”