Old Mutual's Feeney: Pension reforms are 'shot of adrenaline' for financial services

Old Mutual Wealth's CEO has said the government's pension reforms have been like a 'shot of adrenaline' for the financial services sector, as the group reports strong sales of pension products in Q1.

Old Mutual Wealth reported gross sales increased by 16% to £4.6bn in Q1 2015, boosted by sales of pension products and flows from newly acquired Quilter Cheviot. Net client cash flow during the quarter was £1bn, 9% lower than prior year.   Funds under management stood at £102.3bn at the end of the quarter, boosted by the Quilter deal, which completed during the period and added £17.5bn. Excluding acquisitions and disposals, funds under management increased 5% from the year end due to positive net client flows and strong market performance.   Net client cash flows on the UK Platfor...