Sales at Anglo-South African financial services group Old Mutual (Other OTC: ODMTY - news) fell in the third quarter due to weakness in the rand and outflows from institutional investors, though funds under management rose on the year, the London-listed firm said in a trading statement on Wednesday. Old Mutual has been restructuring its business, selling off some European assets and listing its U.S. In October Old Mutual announced its wealth management arm is to buy Quilter Cheviot from European private equity house Bridgepoint, which will add some 15 billion pounds to the Old Mutual Wealth unit's assets under management. "Gross sales were influenced by translation effects with the weaker rand, and by volatility on the institutional side."
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