LONDON May 15 Anglo-South African financial
services group Old Mutual said gross sales were up 24
percent in the first three months of 2014 on a constant currency
basis, ahead of expectations.
In a trading statement on Thursday, the FTSE 100 company
said gross sales in the first quarter totalled 6.2 billion
pounds ($10.40 billion), ahead of a consensus forecast of 6.03
Funds under management were up 2 percent at 297.7 billion
pounds, from 288.4 billion for the same period last year.
"We are very excited about the opportunities for Old Mutual
Wealth following the announced changes to the annuitisation
rules and we are well positioned to help customers in the UK
meet their retirement needs," said Chief Executive Julian
($1 = 0.5960 British Pounds)
(Reporting By Jemima Kelly; Editing by Chris Vellacott)