The company also stated that Net client cash flow (NCCF) was £10.9 billion, up 110% on prior year (2016: £5.2 billion).
This was “driven by buoyant market conditions and robust investor confidence”, according to the financial results report.
The report stated: “Transfers by customers from their defined benefit pensions into defined contribution schemes accounted for gross sales of £1.8 billion in 2017, representing 20% of gross platform sales and 6% of total gross sales.”
The advice and wealth management segment contributed total NCCF before intra-group eliminations of £4.4 billion (2016: £1.6 billion). The multi-asset business, described as a “core part of our ongoing proposition and wealth management strategy”, received £3.3 billion (2016: £0.8 billion) of the net flows in 2017 driven by “robust flows” into the Cirilium and WealthSelect fund ranges.
NCCF for the Wealth Platforms segment of £4.3 billion was up 95% from 2016 (£2.2 billion).
UK Platform net flows were £4.5 billion, up 61% on 2016 due to “strong flows into pension propositions as customers continue to consolidate existing pensions”. As a result, sales into the pension propositions accounted for 61% of total UK platform sales.
Quilter integrated flows grew 167% from £1.8 billion in 2016 to £4.8 billion in 2017 while the restricted channel of Intrinsic accounted for £1.2 billion (27%) of UK Platform net inflows in 2017 (2016: £0.9 billion; 32%).
Old Mutual’s assets under management were £138.5 billion, up 20% from the end of 2016 (31 December 2016: £115.3 billion. Some 1% (£1.3 billion) came from the acquisition of Caerus and Attivo. AUM figures excluded the divested Italian business (£6.2 billion) and South African branches (£2.0 billion) which have been transferred.