SOUTH AFRICA - Old Mutual's funds under management increased by 1.8% to reach ZAR222bn (US$31.1bn) by end September 2006, as the financial services group's profits were hampered by a weak rand and US dollar.
Adjusted operating profit year to date was ZAR12.6bn (US$1.76bn), lower than earlier predictions, and share prices fell as much as 3.7%in response to the news.
Year to date, Old Mutual reported a net profit of $981m, while Q3 net profit was $244m.
Jim Sutcliffe, chief executive, described the Q3 performance as "steady", and added that Skandia was on track to deliver its targets for 2008.
"We are confident that we will continue to increase our client base and assets under management, the foundations for our future growth," said Sutcliffe.
In other news, Hasan Askari, chief executive of Old Mutual Asia Pacific, announced plans to retire in 2007.
Askari will retain his responsibilities until a successor is appointed - and at least until 30 June next year - but his responsibilities for Old Mutual Asset Management will be transferred to Scott Powers, chief executive of Old Mutual USA, and for Palladyne Asset Management to Julian Roberts, chief executive of Skandia, with effect from 1 January 2007.
Askari joined Old Mutual in 1999, initially as an advisor.
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