Old Mutual Wealth increases AUM 10% in 2012
Figures reported by Old Mutual Wealth – the business comprising the remainder of Skandia owned by the company as well as Old Mutual Global Investors – suggest its assets grew 10% to £69.2bn through 2012 on a like-for-like basis.
Assets on OMW’s UK platform increaesd 10% to £22.6bn, although there was a decrease of £-1.1bn in assets associated with the sale of the Finnish branch of Skandia Life Assurance Company.
The overall growth in assets was the result of “positive net client cashflow of £2bn and higher equity markets at the end of the period”, the company said.
OMW gross sales were down slightly at £11.9bn against £12.1bn the previous year. Of this the UK platform gross sales were £4.1bn, down from £4.9bn in 2011.
Old Mutual Global Investors – the result of the merger of OL Mutual Asset Managers (UK) and Skandia Investment Group – increased gross sales by $4.8bn, on its way to increasing funds under management by 13% to £13.8bn by the end of 2012.
IFRS Adjusted Operating Profit for Old Mutual Wealth as a whole during 2012 was £195m.