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Old Mutual Wealth reports further strong net client cash flow momentum and growth

26 October 2017

Quarter 3 cash flow 2017 table

Paul Feeney, CEO of Old Mutual Wealth, commented:

“Third quarter net client cash flow (NCCF) continued the very strong momentum seen in the first half, supported by good performances from each of our Invest and Grow businesses.  Year to date NCCF of £7.3 billion was 92% ahead of the comparable period in 2016. NCCF as a proportion of opening funds under management (excluding Heritage) on an annualised basis of 11% is well ahead of our 5% target. In particular, the continued robustness and year-on-year growth of our integrated flows demonstrates the strength and value of our business model.

“The growth in our funds under management of 14% is driven by positive net flows in the period of 7% and positive investment performance of 7%. This compares to an increase of 3% in the FTSE 100 over the same period, proving our continuing ability to attract, retain and manage funds for the benefit of our customers.

“Third quarter NCCF of £2.4 billion compares very favourably against Q3 2016 (£0.8 billion) which was the weakest quarter of that year given the market uncertainty following the Brexit referendum.

“While market conditions have remained relatively buoyant so far in 2017, we anticipate continued uncertainties in equity, bond and currency markets in the medium term as the potential impacts of the UK’s exit from the EU evolve over the next two years.

“We continue to be encouraged by the opportunities ahead as we prepare for our planned listing in 2018 and we look forward to providing the market with further insight on our business and strategy at our Showcase event on 15 November.”

Selected additional data for Invest & Grow business for Q3 year to date2:

Selected additional data for Invest & Grow business for Q3 year to date2 table

Selected additional data for Invest & Grow business2 for Q3 standalone:

Selected additional data for Invest & Grow business2 for Q3 standalone table

1 All reported numbers exclude Old Mutual Italy and the South African branches which are transferring to Old Mutual Emerging Markets and comparatives have been restated accordingly.
2 The Invest and Grow business excludes Heritage and all assets and flows are shown on a gross basis.
3 Eliminations exclude the double-count in relation to investments in OMGI single strategy funds via the WealthSelect multi-asset solutions, and two externally managed funds.

For more information contact

Tim Skelton-Smith
Old Mutual Wealth
02380 916 998
07824 145 076
tim.skelton-smith@quilter.com

Geoffrey Pelham-Lane
Camarco
020 3757 4985
07733 124 226
geoffrey.pelham-lane@camarco.co.uk

Notes to Editors:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £95.3 billion in customer investments (as at 31 March 2020).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions; and discretionary fund management.

The business is comprised of two segments: Advice and Wealth Management and Wealth Platforms.

Advice and Wealth Management encompasses the financial advice business, Quilter Financial Planning; the discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

Wealth Platforms includes Old Mutual Wealth UK platform and Quilter International, including AAM Advisory in Singapore.

The Old Mutual Wealth Heritage life assurance business was acquired by ReAssure Group Plc on 2 January 2020.

Since its IPO in June 2018, Quilter plc’s businesses have progressively rebranded to Quilter, as follows: 

  • Quilter Financial Planning (previously Intrinsic)
  • Quilter Private Client Advisers (previously Old Mutual Wealth Private Client Advisers)
  • Quilter Financial Advisers (previously Charles Derby Group)
  • Quilter Financial Adviser School
  • Quilter Cheviot
  • Quilter Investors
  • Old Mutual Wealth (becoming Quilter Investment Platform in 2020)
  • Quilter International (previously Old Mutual International)

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270.  Registered in England.