GLOBAL - London-based asset manager Old Mutual increased its assets under management by £26bn (€38.4bn) in the first half of this year.

Old Mutual is now managing £263bn, up 11% from £237bn at the end of last year.

Both in the UK and Europe, funds under management grew by 13% to £41bn and £57bn respectively.

Business in the Nordic market was slower for Old Mutual, which had acquired Swedish asset manager Skandia in the first half of last year.

Funds under management grew by 6% to SEK114bn (€12.3bn) as " sales were depressed by the Swedish government's removal of the tax privileges of a key product, Kapitalpension in the first quarter", Old Mutual noted in its half year statement. Kapitalpension is a a pension insurance product sold mainly to private individuals since 2005.

Old Mutual stressed it remained ahead of acquisition assumptions and is on track to meet stated "synergy targets" for the middle of next year.

The asset manager launch its new fund platform, which is an integration of Old Mutual's Selestia platform and Skandia's MultiFUNDs, next Wednesday.