Paul Feeney, CEO of Old Mutual Wealth, commented:
“Third quarter net client cash flow (NCCF) continued the very strong momentum seen in the first half, supported by good performances from each of our Invest and Grow businesses. Year to date NCCF of £7.3 billion was 92% ahead of the comparable period in 2016. NCCF as a proportion of opening funds under management (excluding Heritage) on an annualised basis of 11% is well ahead of our 5% target. In particular, the continued robustness and year-on-year growth of our integrated flows demonstrates the strength and value of our business model.
“The growth in our funds under management of 14% is driven by positive net flows in the period of 7% and positive investment performance of 7%. This compares to an increase of 3% in the FTSE 100 over the same period, proving our continuing ability to attract, retain and manage funds for the benefit of our customers.
“Third quarter NCCF of £2.4 billion compares very favourably against Q3 2016 (£0.8 billion) which was the weakest quarter of that year given the market uncertainty following the Brexit referendum.
“While market conditions have remained relatively buoyant so far in 2017, we anticipate continued uncertainties in equity, bond and currency markets in the medium term as the potential impacts of the UK’s exit from the EU evolve over the next two years.
“We continue to be encouraged by the opportunities ahead as we prepare for our planned listing in 2018 and we look forward to providing the market with further insight on our business and strategy at our Showcase event on 15 November.”
Selected additional data for Invest & Grow business for Q3 year to date2:
Selected additional data for Invest & Grow business2 for Q3 standalone:
 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 and all assets and flows are shown on a gross basis.
3 Eliminations exclude the double-count in relation to investments in OMGI single strategy funds via the WealthSelect multi-asset solutions, and two externally managed funds.