Savings, investments and insurance giant Old Mutual saw a strong increase in adjusted profits in 2011 despite a fall in funds under management (FuM) and net client cash flows (NCCF).
Adjusted operating pre-tax profit jumped 14% to £1,515m in the 12 months ended December 31st.
However, FuM fell by 5% to £267.2bn, while NCCF decreased by £1.1bn to £3.2bn.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"This has been a year of strategic and operational delivery for Old Mutual despite the tough macro-economic environment. We have produced strong financial results and have taken significant steps in executing our strategic plan," said Chief Executive Julian Roberts.
BC
-
Average earners now face £200,000 inheritance tax bill - how much will your estate owe?‘Double whammy’ of inheritance tax changes means even the estates of those earning the average UK wage could face bills, not just the very wealthy
-
Are the wealthy dodging more tax than previously thought?A new report suggests tax non-compliance among the wealthy could be worse than previously imagined. Is an overly complex system partly to blame?
