29th Oct 2014 07:27
LONDON (Alliance News) - The pace of Standard Life PLC's growth in the near term may be hit by difficult investment conditions, Chief Executive David Nish warned on Wednesday, as the FTSE 100 long-term savings and investments company reported a rise in assets under administration in the first nine months of the year.
"Although investment markets are unsettled and may affect the near-term pace of asset and revenue growth, we are very well placed for the future. We have the products, experience and proven investment performance to help our customers and clients in all of our markets to save and invest, so that they can look forward to their financial futures with confidence," Nish said in a statement.
In a statement, Standard Life said group assets under administration from continuing operations rose to GBP290.0 billion at the end of September, from GBP214.7 billion at the start of January, driven by GBP4.3 billion of net flows and the acquisition of Ignis Asset Management. The GBP290.0 billion figure includes GBP60.9 billion of assets managed by Ignis and excludes GBP30.8 billion of assets of its now discontinued Canadian operations.
In the UK, Standard Life added 290,000 new customers through auto enrolment, including 117,500 in the third quarter alone. It boasted UK retail and corporate fee business assets under administration of more than GBP100 billion and said its investments arm continues to perform strongly in volatile markets, with third party assets under management from continuing operations up 13% to GBP1.03 billion in the year to date including acquisitions.
Fee revenue from continuing operations is up 13% to GBP1.03 billion in the year to date including acquisitions.
Standard Life is waiting for regulatory approval for the sale of its Canadian long-term savings and retirement, individual and group insurance business and Canadian investment management business to Manulife. Completion is expected in early 2015 and will increase Standard Life's focus on fee business. The group also plans to return GBP1.75 billion to shareholders after the sale.
Standard Life completed its acquisition of Ignis Asset Management from Phoenix Group Holdings in July for GBP390 million.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
SL..L