Old Mutual Wealth, which comprises of Skandia and Old Mutual Global Investors, has recorded net sales of £1.1 billion in the first quarter of 2014, more than double the £0.4 billion earned in the same period last year.

In addition, assets under management (AuM) hit a record £80.2 billion, up from £78.5 billion AuM in the last quarter.

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Julian Roberts, group chief executive, said: "Old Mutual Wealth and Emerging Markets both produced very strong sales in the quarter. We are very excited about the opportunities for Old Mutual Wealth following the announced changes to the annuitisation rules and we are well positioned to help customers in the UK meet their retirement needs."

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