Star fund manager Buxton pulls in £250m since joining Old Mutual
Thursday 08 August 2013
Old Mutual yesterday said it had seen inflows of £250m into one of its flagship funds since star manager Richard Buxton joined the company in June.
The FTSE 100 conglomerate poached Mr Buxton from Schroders earlier this year and it appears the move has paid off with clients piling into his UK Alpha Fund.
"People are starting to take money from under their mattresses and investing again," the chief executive, Julian Roberts, said. "We've been pleased with the performance of our fund-management business and it's good to have Richard at Old Mutual."
The company made a pre-tax profit of £805m during the first half of the year compared to £728m in 2012, helped by revenues of £9.6bn.
Shares in the group rose more than 5 per cent as it raised its interim dividend by 20 per cent to 2.1p – a far cry from 2009 when it was forced to scrap its dividend after an overzealous acquisition spree in the lead up to the financial crisis.
Over the past few years, Old Mutual has sold businesses such as its US life unit and looked to build in emerging markets such as Africa where it hopes to tap into tap into a growing middle class, which has become richer as demand for the continent's natural resources grows across the world.
Mr Roberts said that the group had spent part of the 5bn rand (£329m) it had set aside to buy into financial-services providers in Africa during the first half.
The group made acquisitions in Ghana and Mozambique and remains on the hunt for more.
"We have taken significant steps in our plans to expand into the African markets that we have identified as key to our success," Mr Roberts added.
"We are focused on delivering our strategy and maintaining our financial discipline.
- 1 Which country would be hardest to invade?
- 2 The man who filmed the Freddie Gray video has been arrested at gunpoint
- 4 Floyd Mayweather's mouthguard costs $25,000 - enough to fly to Las Vegas and back 18 times
- 5 Royal baby girl born: Duchess of Cambridge's second child will be a princess thanks to Queen
Which country would be hardest to invade?
Morgan Freeman on the riot-focused coverage of the Baltimore protests: 'F**k the media'
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
The man who filmed the Freddie Gray video has been arrested at gunpoint
Nepal earthquake: Many survivors receiving no help despite relief effort
Over 50,000 families shipped out of London boroughs in the past three years due to welfare cuts and soaring rents
EU asylum policy is 'a direct threat to our civilisation', says Nigel Farage
Indonesia executions live: 'Hysterical' families heard prisoners being shot dead by firing squad
General Election 2015: SNP and its activists 'openly racist' towards the English, Farage says
EU exit would hit UK economy much harder than neighbouring countries, study finds
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
iJobs Money & Business
£16000 - £18500 per annum: Recruitment Genius: This is an excellent opportunit...
£24000 - £28000 per annum: Recruitment Genius: A Senior SEO Executive is requi...
£16000 - £18000 per annum: Recruitment Genius: An Online customer Service Admi...
£18000 - £22000 per annum: Recruitment Genius: This global, industry leading, ...