Paul Feeney, CEO of Old Mutual Wealth, commented:
“We have started the year very strongly with our highest ever quarter for net client cash flow and funds under management. Integrated flows from Intrinsic increased 60% to £0.8 billion (Q1 2016: £0.5 billion). Our Q1 2017 net flows, particularly onto the Platform and into OMGI, demonstrates that advisers and customers are increasingly recognising the strength of our model and that we are offering investment solutions that meet their needs. We have the right solutions for these uncertain times, particularly our multi-asset, absolute return and high alpha product ranges.
“While we are hopeful that this momentum will continue throughout 2017, we expect that markets will remain volatile and challenging in the medium-term, particularly until both the outcome of the upcoming general election and greater details on the terms of the UK’s exit from the EU are known.”
Selected additional data for Invest & Grow business2:
1 All reported numbers exclude Old Mutual Italy and the South African branches which are transferring to Old Mutual Emerging Markets and comparatives have been restated accordingly.
2 The Invest and Grow business excludes Heritage, the South African branches and Old Mutual Italy (sold in January 2017) and includes cross-business assets and flows on a gross basis in each of the businesses.
3 Old Mutual Global Investors incorporates single manager funds, plus all multi-asset solutions sold primarily through OMW channels.