South African wealth management group Old Mutual (LON:OML) reported earnings in line with expectations in March, sending shares up 2 percent at market open.

The dual-listed Old Mutual said continuing operations started the year on a “positive note”, and so far this year trading has continued in line with management expectations.

“Since the year end, shareholder investment returns reflect the impact of lower equity markets in South Africa and particularly in Zimbabwe. Management remains focused on managing the cost base tightly and delivering on its communicated strategy,” Old Mutual said.

Its UK wealth and insurance division, Quilter, saw first-quarter net cash flow rise by 14 percent to £1.6 billion. Its assets under administration fell 2 percent, with Old Mutual are planning to spin off the company later this year.

Shares in Old Mutual are currently trading up 1.77 percent at 259.60 (0834GMT).