Net client cash flow is up nearly threefold at £2.3 billion for the quarter.
Year-to-date funds under management rose 20% to £98.7 billion, attributed to the acquisition of Quilter Cheviot (QC year-to-date FUM £17bn) and strong net flows into the UK Platform and Old Mutual Global Investors.
Nearly 200 restricted financial planners joined the Intrinsic network during Q3 2015 as part of Intrinsic’s agreement with Sesame Bankhall Group to become their preferred adviser network partner. Intrinsic also reached a provisional agreement with Sesame Bankhall Group to acquire the Financial Adviser School, the UK’s leading facility dedicated to training the next generation of professional advisers.
On 2 October 2015, Intrinsic announced the launch of a new national advice business, Old Mutual Wealth Private Client Advisers. The new business is an appointed representative of Intrinsic and leverages the investment capability of Quilter Cheviot and Old Mutual Global Investors to deliver advice and investment management solutions to clients.
Q3 2015 gross sales for the UK Platform of £1.6 billion reflect the strongest quarter of the year, bringing year-to-date gross sales to £4.6 billion primarily driven by pension sales as the UK Platform continues to benefit from the pension freedoms.
The UK Platform delivered a 71% increase in pension sales compared with Q3 2014. NCCF for the UK Platform overall was up 60% to £0.8 billion in Q3 2015, with year-to-date net flows 43% higher at £2.0 billion. In Q3 2015, the business launched ‘IncomeSelect’, bringing together the multi-asset portfolios of the Old Mutual Generation range with a new income planning tool, to complement the flexible drawdown facility of the Collective Retirement Account.
Paul Feeney, chief executive of Old Mutual Wealth, commented:
“We have delivered an excellent set of results in Q3 2015 against a backdrop of volatile investment markets. Huge demand for our income drawdown product has pushed our platforms sales to record levels. We recently launched our ‘IncomeSelect’ retirement proposition to provide the tools, products and support advisers need to ensure their clients can fully benefit from the new freedoms.
“We continue to collaborate across the business where it adds value to advisers and their clients. In Q3 we formed a new multi-asset unit combining the investment knowledge of Quilter Cheviot and Old Mutual Global Investors for the benefit of all our clients and advisers in the UK and internationally.”
“I believe that these results demonstrate that we are building a new breed of wealth management business with clients’ needs at the centre. We have created a unique proposition encompassing multi-channel advice, high quality investment and retirement solutions and end-to-end service enabled by our UK and international platforms.”
