Old Mutual is boosted by star recruit

The hire of star fund manager Richard Buxton continued to attract investors to Old Mutual’s funds during the third quarter, it emerged today.

The financial conglomerate said its Old Mutual Global Investors business now managed £15.2 billion in funds helped by interest in its UK Alpha Fund, which Buxton runs having joined from Schroders in June. This is up 10% this year. Old Mutual operates insurance, banking and asset management businesses in 30 countries. It said gross sales across the group were up 11% to £6.5 billion with total funds under management up 14% to £287.5 billion since the start of 2013.

Julian Roberts, chief executive, said: “Our strong momentum continued with a third consecutive quarter of positive net client cashflow in all our businesses. We remain confident that our strategy and our geographic focus underpinned by our financial discipline leaves us well positioned for future growth.”