Old Mutual Wealth reported a 30% year-on-year increase in profits during the first six months of 2017, putting it in a strong position ahead of a planned listing next year.

Net inflows for the business, which houses the UK asset management arm of Anglo-South African insurance group Old Mutual, were £4.9bn, up from £3.2bn a year before. Assets rose 10% to £127.3bn from the end of last year, according to interim results.