Old Mutual Continues to Trade in Line With Expectations

By Dimitrios Kontos

Old Mutual PLC (OML.LN) said Monday that it continues to trade in line with its expectations and that continuing operations have started the year on a positive note.

The financial services company said its investment returns reflect the impact of lower-equity markets in South Africa and particularly in Zimbabwe, and that it remains focused on tightly managing its cost base.

The company's wealth-management subsidiary, Quilter PLC, had assets under management of 111.60 billion pounds ($153.75 billion) for the first quarter, a decline of 2% from the previous period.

However the negative market movements were partially offset by a 14% rise in net client cash-flow to GBP1.60 billion, Old Mutual said.

The company said that Nedbank Group Ltd.'s (NED.JO) performance for the three months ended March 31 has met management's expectations.

Write to Dimitrios Kontos at dimitrios.kontos@dowjones.com

(END) Dow Jones Newswires

April 30, 2018 02:55 ET (06:55 GMT)

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