(Corrects headline and story to show that figures refer to Old
Mutual Wealth, not Old Mutual Plc. Rewrites last paragraph to
show that statement is from Old Mutual Plc, not Old Mutual
Wealth. Makes clear throughout that data is for period ended
Oct 11 Financial services group Old Mutual Plc
, which has said it will split into its four main
businesses, reported a jump in funds under management at its Old
Mutual Wealth business for the nine months ended Sept. 30,
driven by strong net flows and favourable market movements.
The Anglo-South African company said funds under management
at Old Mutual Wealth rose by 14 percent in the period to 119
billion pounds ($148 billion).
Net client cash flows fell to 900 million pounds in the
third quarter from 2.3 billion pounds a year earlier.
Over the nine months, net client cash flows fell to 4.1
billion pounds from 4.6 billion pounds in the same period last
year, hurt by market weakness and uncertainty following
Britain's vote to leave the European Union.
"We expect markets to remain difficult for some time given
the uncertain conditions surrounding the UK's exit from the
European Union," Paul Feeney, CEO of Old Mutual Wealth, said.
He added, however, that Old Mutual Wealth had seen early
signs of customers regaining confidence and "tentatively"
returning back to risk assets.
Gross sales rose by 9 percent to 16.7 billion pounds in the
nine-month period, Old Mutual Wealth said.
Old Mutual Plc said it would continue to cut its 66 percent
stake in OM Asset Management.
($1 = 0.8042 pounds)
(Reporting by Noor Zainab Hussain in Bengaluru; Editing by