Old Mutual, the South African financial services group, has increased funds under management by 6% from £125.3bn (€178bn) a year ago to £133.6bn at September 30 as it staunched losses at its troubled US mutual fund subsidiary.

Liberty Ridge Capital, previously known as Pilgrim Baxter, had been losing about $200m (€153.5m) a month in the summer following its involvement in improper trading.