Old Mutual rides equities boom

Anglo-South African insurer Old Mutual yesterday reported growth in funds under management for the first quarter that outpaced market forecasts, thanks to buoyant financial markets. The company said total assets rose seven per cent to £288.4bn pounds, with rising markets adding to the impact of net client cash inflows of £3.9bn pounds. However, new rules on paying commission to financial advisers hit sales in the UK market.