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.
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"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.
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