Isle of Man based Old Mutual International is performing well, according to latest statistics contained in its half year interim results.

Old Mutual International has its headquarters at King edward Bay House, Onchan and is a leading cross-border provider of so-called financial ’solutions’ for local and expatriate investors.

More than 450 work for the company in the island providing operational support to clients in the UK, Europe, Singapore, Hong Kong, Dubai, Latin America and South Africa.

Old Mutual International net client cash flows (NCCF) was double those of the prior year at £0.4 billion (H1 2016: £0.2 billion).

There was strong growth in the Middle East as NCCF increased by 111 per cent from H1 2016 to £203 million (H1 2016: £96 million).

The UK continued the strong momentum experienced through the whole of 2016 and NCCF grew by 36 per cent in H1 2017 to £103 million as the sales integration with the UK domestic business gained traction.

Funds Under Management (FUM) was up 5 per cent to £17.8 billion on a like-for-like basis after removing £2 billion FUM for the South Africa branches.

Profit remained broadly flat at £25 million, on a reported basis, though on a like-for-like basis, i.e. excluding the South African branches in H1 2016, profit was up 14 per cent.

Old Mutual International has launched two pioneering products in 2017.

The Select Bond, which is a new breed of offshore bond, and Wealth Portfolio, a new ’solution’ where Old Mutual International and Quilter Cheviot collaborated to help deliver enhanced investment outcomes for UK expats in the region through a bond which is fully portable in the event the expat returns to the UK.

Meanwhile, Old Mutual Wealth, the UK-based arm of Old Mutual plc, moved strongly into profit in the six months to the end of June, compared with a loss of £23m in the same six-month period of 2016.

In its scheduled half-yearly earnings statement, Old Mutual Wealth said post-tax profit in the six months to the end of June totalled £42m, helped by solid gains in its investment operations.

Paul Feeney, CEO of Old Mutual Wealth, said: ’I am pleased to report continued excellent progress on Old Mutual Wealth’s strategic ambition to become a leading, integrated, advice-led wealth management business.

’The period has seen strong performance across each of our Invest and Grow business areas. Pleasingly, we have seen continued recognition of the strength and, we believe, the value of our integrated business model.

’2017 continues to be a year of transition for Old Mutual Wealth as we move towards our separation from Old Mutual plc, and we are excited about the opportunities ahead.’