Old Mutual trading in line, Quilter cash flow up 14% in Q1

Anglo-South African financial services group Old Mutual said on Monday that its businesses continue to trade in line with the expectations outlined in its results back in March.

In a statement to be made at its annual general meeting in later in the day, the company said that Quilter, formerly Old Mutual Wealth Management, saw net client cash flow up 14% in the first quarter to £1.6bn, with assets under management/administration down 2% to £111.6bn, as negative market movements were partially offset by the strong NCCF.

Meanwhile, the group's continuing operations have kicked off the year on a positive note and results from operations are trading in line with management expectations.

Since the year end, shareholder investment returns reflect the impact of lower equity markets in South Africa and Zimbabwe, in particular.

"Management remains focused on managing the cost base tightly and delivering on its communicated strategy," Old Mutual said.

In the three months to the end of March 2018, Nedbank's performance was in line with management expectations.

Old Mutual announced in November last year that it was rebranding as Quilter following its separation from its parent company.