The Anglo-South African financial services firm summarised its third quarter trading period as "very good." The Chief Executive noted that "Old Mutual Wealth had record quarterly sales of £5.5 billion as it benefited from its integrated strategy of owning distribution, an investment platform, discretionary fund and asset management as well as the recent changes to the UK pension regime. Old Mutual South Africa recorded strong sales growth of 28% and our Rest of Africa business grew sales by 32%."
Total company gross sales grew by 31% to £8.1 billion (Q3 2014: £6.2 billion), with gross sales for its Old Mutual Emerging Markets (OMEM) up 22% despite weak economic conditions in South Africa. Old Mutual Wealth's pension sales rose by 71% compared to Q3 2014, with its Nedbank division flagged as delivering "a resilient performance."
The Chief Executive went on to note that "Although we expect exchange rate movements to temper sterling reported growth and conditions for emerging markets to remain challenging, we are confident that if we continue to focus on meeting our customers' needs and improving operating efficiencies we can continue to deliver sustainable growth." The share price rose by over 1% in mid-morning UK stock market trading.
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