OMGI reports 66% quarterly gross sales growth
Old Mutual Global Investors, part of Old Mutual Wealth, has reported a 66% rise in gross sales to £2.5bn in the first quarter of 2014 compared with the last quarter of 2013.
Offset by £1.4bn in redemptions it means the asset manager saw net sales of £1.1bn through the first three months of the year, taking OMGI’s funds under management to £17.4bn.
OMGI has seen some 72% of its assets outperform their benchmark over the past three years, with 44% of assets being in their top quartiles over the period, the manager reported.
Old Mutual Wealth’s Europe Open Book business, which includes sales in France, Italy and Poland, saw net flows of £100m through the period, with funds under management hitting £6.7bn.
Total Old Mutual Wealth funds under management stood at £80.2bn at the end of the period.
Looking ahead, Paul Feeney, chief exeuctive Old Mutual Wealth (pictured) said that recent proposals in the UK Budget would support growth in demand for financial advice, and that in turn would open up opportunities for the group, which is aiming to offer a cost effective service proposition to financial advisers.