The figure represents a £10m jump on the previous year, a 5% increase, while growth incorporating the profits from the sale of businesses – including several regional Skandia branches – was 11% year-on-year.
Net client cash flow (NCCF) surged to £3.7bn, a 61% leap on the £2.3bn registered in 2013, with demand for investment solutions provided by Old Mutual Global Investors cited as the main contributor to the increase.
Total funds under management rose by 13% year-on-year, moving from £69.2bn to £78.5bn, pushed by net flows of £3.7bn stemming from gross sales of £16bn.
OMGI saw its profits grow by 120% in 2014 to £33m, boosted by NCCF rocketing from £700m to £2.5bn in the same time-frame – a 257% jump – and gross sales rising 22% to £9.2bn.
In terms of OMGI fund sales, Global Equity Absolute Return was the best performer with £1.7bn, UK Alpha delivered £1.1bn and the multi-asset Spectrum range £600m.
OMGI’s FUM – including Cirilium – jumped 31% in the year to £21bn, up from £16bn in 2013.
OMW’s UK platform reported profits of £19m, a 46% increase on the previous 12 months despite NCCF dropping by £400m to £2bn, boosted by ISA and personal pension sales jumping 21% and 14% respectively year-on-year. As a result, platform assets ended 2014 up 13% at £30.8bn.
The firm’s newly-acquired investment management arm, Quilter Cheviot, saw its FUM rise 10% to £16.7bn, while NCCF was flat year-on-year at £1.1bn – the figures were not included in the OMW results.
Paul Feeney, OMW chief executive, said: “Increasingly I believe advisers and their clients will be looking to source those elements in one place, via companies that can offer an integrated proposition efficiently and cost effectively. That is what we are aiming to achieve and we will continue to work with advisers to build new products and services that they and their clients need.”
