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2 years ago
RPT-Old Mutual Q1 gross sales beat forecasts, up 18 pct
May 14, 2015 / 6:37 AM / 2 years ago

RPT-Old Mutual Q1 gross sales beat forecasts, up 18 pct

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LONDON, May 14 (Reuters) - Anglo-South African financial services firm Old Mutual said first-quarter gross sales rose an above-forecast 18 percent to 7.3 billion pounds ($11.50 billion), but net client cash flows came in below forecast.

Analysts in a company-supplied forecast had expected a 7 billion pound rise in sales for the quarter ending March 31, on a constant currency basis.

Net client cash flows were 500 million pounds, however, against a 1.8 billion pound forecast, the company said in a trading statement on Thursday.

Funds under management rose 10 percent over the quarter to 351 billion pounds, in line with forecasts.

$1 = 0.6350 pounds Reporting by Carolyn Cohn; editing by Simon Jessop

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