This compares to £.05bn in the same quarter last year and contributed to gross external sales of £2.5bn, a substantial increase on the £1.6bn received in Q1 2010.
Another strategic path that Aviva Investors is continuing down is a move towards higher margin external funds with revenues increased from such sources by 35% (32% in Q1 2010).
These external sales figures do not include liquidity funds that saw an outflow of £0.6bn (£0.1bn in Q1 2010).
Assets under management of £262bn at the end of Q1 represent an increase on the 2010 year-end figure of £260bn.
During the quarter, chief executive of Aviva Investors UK Fund Services John Clougherty confirmed the company is to bring its externally-managed £1.3bn multi-manager ranges in-house. Ian Aylward and Peter Fitzgerald will manage the range that was previously managed by Paul Kim and Richard Timberlake prior to the pair’s departure from FundQuest.
The range includes the Aviva Investors Balanced Fund of Funds, Cautious fund of Funds and Growth Fund of Funds.
Aylward and Fitzgerald will also take over the manager selection component of Aviva Investors’ manager of manager range from Close Investments.
