Old Mutual sharpens focus on emerging market investments

 
Michael Bow
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SAVINGS and investment group Old Mutual yesterday revealed a surge in its emerging markets focus after growing sales of its fund management products by nearly a fifth in the sector in just three months.

The Anglo-African company, which merged its UK asset management arm Old Mutual Asset Managers with Skandia Investment Group in April, increased unit trust and mutual fund sales by 19 per cent to $2.4bn (£1.5bn) for the three months ending 30 September.

The surge was led by a 62 per cent increase in sales of its funds in South Africa, where the firm is headquartered, and a 26 per cent increase in the rest of Africa.

The company posted an overall increase in assets under management of four per cent, taking its asset base up to £263.3bn.

Oriel Securities analyst Marcus Barnard said the results showed Old Mutual to “be an emerging market growth story”.