Old Mutual said that assets in its US fund management subsidiary rose 23% last year to a record $226.3bn (€183.9bn). It came as the South African group's £3.5bn (€5.1bn) bid for Skandia won backing from 71.6% of the Swedish insurer's shareholders.

The group, which opened its US fund management business five years ago, said the assets in the Boston-based subsidiary rose from $184.6bn the previous year. Net new inflows stood at $26.3bn for the year to the end of December.