Old Mutual Wealth assets rise 8% in Q1

Old Mutual Wealth, comprising Skandia and Old Mutual Global Investors, reported assets under management rose by 8% in Q1 to £74.5bn, driven by a stronger performance in areas like its international business.

The group said growth was driven by net inflows of £410m and positive market movements. Gross sales during the quarter were up 19% compared to the same period last year to £3.1bn. Old Mutual Global Investors (OMGI) recorded gross sales of £1.5bn, up 68% on Q1 2012. Sales for this part of the business were helped by positive markets and a major sales and marketing campaign, according to the group. The figure also included OMAM (UK) sales for the first time and the transfer of assets into the new Select funds which were launched during the period. Net inflows during the quarter were £13...