Old Mutual Unit Reports 6% Growth in Assets, Appoints New Finance Head

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 [e-mail]

(END) Dow Jones Newswires

April 28, 2017 02:41 ET (06:41 GMT)

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