Old Mutual Wealth sees strong H1 with £5bn inflows; OMGI net sales more than double

Ahead of managed separation of the Old Mutual business

Old Mutual Wealth has delivered a strong first half of the year, with net client cash flow up 53% on the same period in 2016, while Old Mutual Global Investors (OMGI) has taken in more money in the first half of 2017 than during the whole of last year.

The wealth management business of Old Mutual has reported net client cash flow of £4.9bn in the first six months of the year, up from £3.2bn in H1 2016. The firm said there was a "particularly noteworthy performance" in the UK platform business and across OMGI funds, especially the multi-asset offerings, which took in a net £1.6bn. Net inflows were up some 11% of the firm's opening funds under management (FUM), which exclude its Heritage closed book, beating its 5% annualised target. Meanwhile, pre-tax adjusted operating profits jumped from £104m to £134m, a 29% increase. Performan...