In its 2017 results, RLAM said the increased sales was down to both institutional clients, such as pension schemes, and wholesale clients, such as wealth managers and IFAs, continuing to purchase its fixed income and cash funds.
The increasing popularity of its sustainable funds range also contributed to strong sales.
RLAM reported its Ascentric wrap platform saw record inflows in 2017, up 22% to £2.8bn from £2.3bn in 2016. It said a new charging structure designed to make it easier for advisers and their clients to understand total costs was responsible for this rise.
The firm increased its funds under management to £114bn, up from £100bn in 2016 and credited this to more stable market conditions in 2017.
Assets under administration also increased by 17% to £14.4bn, up from £12.3bn in 2016.
Speaking on the group results, Royal London chief executive Phil Loney (pictured) said: “In a year full of political and economic uncertainty which impacted market volatility and consumer spending, we achieved a 17% increase in EEV operating profit before tax, largely due to strong sales growth across our businesses.
“Our 2017 ProfitShare of £142m was supported by a record year for new business backed by strong investment performance, despite a backdrop of continued political upheaval.
“Royal London’s funds under management increased to £114bn with a record breaking year for gross sales for our asset management business.”
RLAM launched two global equity funds in 2017, recruited a team and completed one of the largest ever launches of a UK property fund in October 2017, with a portfolio of £2.7bn, the results noted.
