Old Mutual Wealth boosts profits by 14% in first half

Old Mutual Wealth has reported a pre-tax profit increase of 14% for the first half of the year to £108m, driven by a surge in gross inflows over the period.

Old Mutual Wealth, comprising Skandia and Old Mutual Global Investors, reported gross inflows increased by 26% to £6.7bn in the first half, ahead of last year's £5.4bn. Funds under management also jumped by 9% to £75.2bn since the start of the year. Old Mutual Global Investors (OMGI) recorded gross sales of £3.5bn, nearly a 50% increase on last year. Richard Buxton's Old Mutual UK Alpha fund was one of the biggest contributors, with assets nearly doubling since the end of May, from £280m to £520m, as intermediaries followed the star manager across from Schroders. Its Skandia Int...