May 15, 2014 / 6:27 AM / in 4 years

Old Mutual Q1 sales up by a quarter

LONDON, May 15 (Reuters) - 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 billion pounds.

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 Roberts. ($1 = 0.5960 British Pounds) (Reporting By Jemima Kelly; Editing by Chris Vellacott)

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