Old Mutual IMS
10 May 2012
Old Mutual plc Interim Management Statement
For the three months ended 31 March 2012
Business improvement continues
· Funds under management in core operations up 6% to £284.2 billion
· NCCF of £3.7 billion, USAM NCCF £2.5 billion
· Sale of Nordic completed for £2.1 billion
Julian Roberts, Group Chief Executive, commented:
"With growth in funds under management and further strategic progress, overall this has been another good quarter for Old Mutual. We have seen positive net client cash flows throughout the Group including at USAM where investment performance is improving.
"Sales continued to be strong in Emerging Markets, with another excellent performance in the South African mass foundation cluster. The prolonged turmoil in the eurozone has continued to undermine investor confidence creating a subdued retail investment market in Europe as a whole.
"Nedbank maintained the momentum it established last year by delivering positive margins, strong growth in non-interest revenue and continued reductions in credit losses.
"Our strong franchises and significant exposure to higher growth emerging markets underpin prospects for the year as a whole."