The UK-based group reported continued inflows in the period up to the end of September.

Old Mutual Wealth today reported total funds under management of £131.3 billion ($173.9 billion) at the end of September this year, up from £115.3 billion from the end of December last year, boosted by net new cash so far this year of £7.3 billion.

“Third quarter net client cash flow continued the very strong momentum seen in the first half, supported by good performances from each of our Invest and Grow businesses,” Paul Feeney, the firm’s chief executive, said in a statement today.

“While market conditions have remained relatively buoyant so far in 2017, we anticipate continued uncertainties in equity, bond and currency markets in the medium term as the potential impacts of the UK’s exit from the EU evolve over the next two years,” he added.

There were gross sales of £21.6 billion in the first nine months of 2017, a year-on-year surge of 46 per cent.

As reported at the start of September, Old Mutual Wealth, which is planning to split off from Old Mutual next year, is also putting its multi-asset and single strategy investment businesses into separate entities.