30th Oct 2013 10:56
LONDON (Alliance News) - Standard Life PLC Wednesday said its net inflows more than doubled in the first nine months of the year, as the Edinburgh-based insurance group added 195,000 new customers to its UK long-term savings business.
Standard Life said its assets under management totaled GBP237.6 billion on September 30, up 9% since December 31, 2012 and 12% since the September 30, 2012.
The result came on the back of strong net inflows, which increased to GBP7.7 billion from GBP3.0 billion over the corresponding period last year.
"In the UK, both our corporate and retail businesses have performed well. We have assisted employers with over 100 auto-enrollment implementations and have increased the number of corporate pension customers to 1.4 million, adding 195,000 new customers. Our retail business saw a 20% increase in the number of advisers using our Wrap platform and is showing increasing momentum with a 35% increase in net inflows in the third quarter," David Nish, chief executive, said in a statement.
"Standard Life Investments has delivered strong net inflows, excellent investment performance as well as expanding its product range and geographic reach, while continuing to grow revenue in the third quarter. Our multi-asset solutions continue to attract good net inflows," Nish added.
The Edinburgh pensions and long-term savings provider has been taking advantage of opportunities created by new regulation, known as the Retail Distribution Review, which was introduced by UK regulators to ensure that charges are clearly understood by clients.
Fee-based revenue increased by 15% to GBP1.06 billion in the first nine months of the year, while long-term savings sales rose to GBP17.3 billion from GBP14.4 billion.
Standard Life shares were Wednesday trading down 3.7% at 355.50 pence.
By Samuel Agini; [email protected]; @samuelagini
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