Buxton helps boost OMGI inflows to £1.1bn as UK equity flows jump 90%

Old Mutual Global Investors boosted net inflows to £1.1bn in the first half of 2014, largely due to flows into Richard Buxton’s now £1.5bn Old Mutual UK Alpha fund.

Net inflows rose from £200m in he first half of 2013.

Flows into Buxton’s fund also drove a 90 per cent rise in OMGI’s UK equity sales whilst adjusted operating profit doubled to £16m compared to the first half of 2013.

Gross sales increased 29 per cent to £4.5bn, up from £3.5bn in the same period the previous year.

OMGI’s multi-asset desk saw £160m net sales into its WealthSelect proposition in the first half of the year and £348m into its Spectrum fund range.

The firm adds WealthSelect attracted a further £65m of assets in July.

Third party institutional channels saw the loss of a £248 million segregated mandate and a further £153 million outflow from the divested Nordic business.

Assets under management reached £17bn at 30 June, up 6 per cent from £16.0 billion at the end of 2013.

OMGI head of global distribution Warren Tonkinson says: “We are pleased that the changes we implemented have continued to play a pivotal role in helping us grow a successful business.

“We are now well placed for future expansion.  We will continue to build on our successful UK experience and have firm plans to continue to expand into other international markets and invest in additional investment capabilities.”