Old Mutual sees fund outflows

OLD Mutual shares fell 3.3 per cent yesterday after it reported £2.6bn net client fund outflows in the first-quarter as US investors exited its products.

The Anglo-South African insurer said assets under management rose one per cent to £303bn compared with the same quarter in 2010.

Life sales of £369m were below analyst expectations of £381m, due to a weaker performance in Italy. But sales of unit trusts rose 20 per cent on the year to £2.7bn, beating the analyst consensus of £2.6bn.