Sales at Royal London Asset Management (RLAM) shrunk to £583m from £700m in H1 2010, excluding cash mandates, according to the company’s latest results.
However, the manager said second quarter sales were up 288% compared with Q2 2010.
New assets under administration for the firm’s wrap platform – Ascentric – were up 34% to £741m from £552m in H1 2010. This brought total AUM to £3.3bn as of the end of H1.
“Markets may well continue to be volatile, but our strong capital position will help ensure that Royal London continues to deliver good performance,” said Royal London group CEO Mike Yardley.
“RLAM has also contributed strong growth, though the half year comparison needs to be viewed in the context of very strong prior year figures. Ascentric has continued to grow strongly and has now moved into profitability.
Yardley confirmed he is stepping down as group chief executive in late September, with Phil Loney filling his shoes when he joins in October from Scottish Widows where he has been managing director of life, pensions and investments since February 2010.
