Old Mutual Unit Reports 6% Growth in Assets, Appoints New Finance Head
April 28 2017 - 2:56AM
Dow Jones News
LONDON--Old Mutual PLC (OML.LN) said Friday its wealth
management business has recorded 6% growth in first quarter funds
under management and has appointed a new finance head.
Old Mutual Wealth has appointed Tim Tookey as its chief
financial officer. Mr. Tookey is currently a non executive director
of the wealth management business.
For the first quarter ended March 31, Old Mutual Wealth recorded
funds under management of 122.3 billion pounds ($157.52 billion),
up from GBP115.3 billion in the comparative year ago period.
Gross sales for the quarter increased 44% to GBP7.2 billion. Net
client cash flow totaled GBP2.7 billion versus GBP1.7 billion.
"We have started the year very strongly with our highest ever
quarter for net client cash flow and funds under management," said
Old Mutual Wealth Chief Executive Officer Paul Feeney.
"While we are hopeful that this momentum will continue
throughout 2017, we expect that markets will remain volatile and
challenging in the medium-term, particularly until both the outcome
of the upcoming [U.K.] general election and greater details on the
terms of the U.K.'s exit from the E.U. [European Union] are known,"
Mr. Feeney added.
Write to Tapan Panchal at tapan.panchal@wsj.com
(END) Dow Jones Newswires
April 28, 2017 02:41 ET (06:41 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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