Old Mutual weathers emerging market storm
Insurer Old Mutual reported a 14 percent rise in operating profit for the first half of 2013 on Wednesday in line with analyst forecasts, helped by a strong performance in rocky emerging markets as well as the United States.
"All sectors of are business are doing well. Often we've been driven by the emerging markets. This time our asset management business in the U.S. has had a positive $10 billion of net inflows...and that's the best we've done since 2007," CEO Julian Roberts told CNBC.
The group reported operating profit of £801 million ($1.23 billion) and said it would pay an interim dividend of 2.1 pence per share, up 20 percent.
Roberts said investors were increasingly taken their money from under the mattress and investing it again, particularly in the U.S.
"People are beginning to think: maybe the recovery is coming and therefore we should start re-deploying our assets," he said.
Roberts declined to comment on the timing of an initial public offering for the U.S. asset management business. "We need a bit more of a track record if I'm going to maximize the value of this business," he said.
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