Weak rand hurts OM in Q3

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SOUTH AFRICA - Old Mutual's funds under management increased by 1.8% to reach ZAR222bn (US$31.1bn) by end September 2006, as the financial services group's profits were hampered by a weak rand and US dollar.

Adjusted operating profit year to date was ZAR12.6bn (US$1.76bn), lower than earlier predictions, and share prices fell as much as 3.7%in response to the news. Year to date, Old Mutual reported ...

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