The firm saw a 10 per cent rise in funds under management.

Old Mutual Wealth has reported profit after tax of £42 million ($54.5 million) in H1 2017, a sharp rise from the same period last year, when the firm logged a loss after tax of £23 million.

Adjusted operating profit (AOP) of £134 million was up 29 per cent (H1 2016: £104 million).

The firm also recorded a 10 per cent increase in funds under management for H1 2017, from £115.3 billion in the same period in 2016, to £127.3 billion. Pre-tax operating margin increased 2 per cent, from 28 per cent in H1 2016, to 30 per cent in 2017.

Net client cash flows which were up 53 per cent at £4.9 billion (H1 2016: £3.2 billion). The firm's revenue margin dipped from 64 basis points in 2016 to 59 bps in 2017.

Gross sales rose 34 per cent year-on-year, to £14.1 billion, from £10.5 billion in H1 2016.

“2017 continues to be a year of transition for Old Mutual Wealth as we move towards our separation from Old Mutual plc, and we are excited about the opportunities ahead,” said Paul Feeney chief executive. “The period has seen strong performance across each of our invest and grow business areas. Recognising the importance of sound financial advice in securing good customer outcomes, we have continued to invest in distribution with the completion of our acquisition of Caerus and a number of small acquisitions into our Old Mutual Wealth Private Client Adviser business.”

Appointment
Old Mutual Emerging Markets has appointed Mike Ilsley as chief financial officer and CFO-designate of Old Mutual Limited, the firm said in a statement.

Ilsley was previously group finance director of Alexander Forbes from 1999 to 2007, and prior to that was a partner at PricewaterhouseCoopers. Since leaving Alexander Forbes, he has held several non-executive directorships of listed insurance entities.

"I am delighted that Mike has agreed to join the team and I look forward to resuming our past successful partnership," said Peter Moya, chief executive of OMEM and CEO-designate of OML. "His vast experience in the insurance industry and his deep knowledge as finance director of a listed financial services group will be invaluable as we take the business to its listing and beyond."

Ilsley's appointment as CFO will enable lain Williamson, the current OMEM finance director, to take up the role of chief operating officer.