Old Mutual Wealth (OMW) has reported record inflows in the first quarter of 2017 with net client cash flows up 59% on last year, as the group also announces the appointment of Tim Tookey, chairman of Alliance Trust Savings and former Lloyds' group finance director, as chief financial officer.
The group said Q1 was its "highest ever quarter for net client cash flow", which jumped from £1.7bn in the same period last year to £2.7bn. This was boosted by integrated flows from adviser network Intrinsic jumping 60% to £0.8bn, up from £0.5bn in Q1 2016. CEO Paul Feeney said the group benefitted from having "the right products at the right time", especially in the multi-asset based solutions space which has been a key focus for the group. In total, Old Mutual Wealth's funds under management over the last year rose by 6% from £115.3bn to £122.3bn on 31 March 2017. Old Mutual Glo...
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