The firm made the announcement alongside its robust set of financials for last year.

Old Mutual Wealth’s average gender bonus pay gap is 80 per cent, the firm announced yesterday alongside its 2017 full-year financial results. 

The firm’s mean gender pay gap is 39 per cent, it added. 

“Women are under-represented in senior leadership roles in Old Mutual Wealth and across the investment industry as a whole, and this is reflected in Old Mutual Wealth’s gender pay figures,” the firm said. “The main driver behind Old Mutual Wealth’s figures is the lower number of women than men in senior and revenue generating roles, which attract higher salaries and are more heavily weighted to bonuses, and a greater proportion of women working part-time.

"These can be distorting factors when looking at hourly pay rates and overall Old Mutual Wealth is confident that men and women in the business are paid equally for similar roles.”

Meanwhile, the group reported robust financials for 2017.

Old Mutual Wealth said its adjusted operating profit for 2017 was 40 per cent higher than the year prior, as “favourable market conditions” propelled “a narrow range of funds” to outperform. 

Adjusted operating profit of £363 million ($507.5 million) resulted from “unusually high” performance fees, the UK-based wealth manager said, which jumped to £101 million last year from just £26 million in 2016. 

Paul Feeney, chief executive of Old Mutual Wealth, said the firm had fully separated from its former parent, Old Mutual, and was ready to list as Quilter under a rebrand announced last November. 

“We have a strong balance sheet, a strong capital and liquidity position and we are financially independent from Old Mutual plc. We have completed our separation activities and we are ready to list as Quilter plc,” Feeney said. 

Pre-tax operating profit for the firm’s advice and wealth management segment soared 39 per cent to £82 million, up from £59 million in 2016, propelled by a “significantly increased” contribution from its multi-asset business and sound investment performance.

Net client cash flow at Old Mutual Wealth was solid at £10.9 billion, up 110 per cent year-on-year “driven by buoyant market conditions and robust investor confidence,” the firm said.

Old Mutual Wealth’s reported revenues leapt 21 per cent to £1 billion due to higher assets under management, positive market performance, strong net client cash flows and inflated performance fees.