Old Mutual client outflows spike in weak economy
The ninefold increase suggests financial pressure on institutional and retail clients
22 November 2023 - 19:38
Old Mutual, SA’s third-biggest insurer by market value, said on Wednesday that its net client outflows accelerated ninefold to R10.8bn in the nine months ended September from only R1.16bn in the previous matching period.
The big swing in net outflows suggests that institutional and retail clients may be under pressure from the struggling economy, which has a knock-on effect on businesses and individuals. ..
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