The UK wealth manager that is part of London-listed Old Mutual posted a robust set of results for the three months to the end of September.

Old Mutual Wealth enjoyed a record third quarter with net inflows of £2.3 billion ($3.5 billion), almost triple the £800 million generated in the same period of last year.

Old Mutual said the positive money flows offset the adverse market movements of August and September. The wealth manager's gross sales were up 45 per cent at a record £5.5 billion with pension sales growing a significant 71 per cent as British pension freedoms took effect.

Funds under management rose 20 per cent since the start of the year to £98.7 billion at the end of September. Of this, subsidiaries Quilter Cheviot and Old Mutual Global Investors held £17 billion and a net £14.3 billion respectively, while the firm's UK platform managed £32.4 billion in funds. The international arena contributed £15.5 billion.

It was a busy quarter for the firm with the launch of its national advice business, Old Mutual Wealth Private Client Advisers, and the addition of 193 restricted advisors to its distribution network, Intrinsic, following a deal with Sesame Bankhall. Old Mutual Wealth also created a new investment division, comprising Quilter Cheviot and OMGI.

Old Mutual Wealth reported "an excellent quarter" for Quilter Cheviot, the discretionary investment management business it acquired in February. The business attracted £400 million of net flows over the three-month period. Meanwhile, OMGI, which is now led by Richard Buxton, drew in £1 billion in net flows.

"Although we expect exchange rate movements to temper sterling reported growth and conditions for emerging markets to remain challenging, we are confident that if we continue to focus on meeting our customers’ needs and improving operating efficiencies we can continue to deliver sustainable growth," said Old Mutual's group finance director, Ingrid Johnson.