Old Mutual Wealth's profits drop 31% despite 'strong' inflows at OMGI

Updates on its 'managed separation'

Natalie Kenway
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Old Mutual Wealth's profits drop 31% despite 'strong' inflows at OMGI

Old Mutual Wealth has reported a 31% profits fall for the first half of the year, compared to the same period in 2015, despite "very strong" net client cash flows, as company results also reveal parent firm Old Mutual has identified an additional 60 jobs to cut in the London head office.

Old Mutual Wealth delivered an adjusted operating profit of £104m for the six months to the end of June, 31% lower than the £151m reported for the first half of last year due to "operational challenges...

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