From 1 January to the end of September RLAM attracted £156.8m of inflows, down 28% on the same period last year, taking its total funds under management to £46.6bn – an increase of 17% in the period.
The figures were posted as part of Royal London Group’s interim management statement for the year so far, which revealed total group funds under management up by 10% to £48.7bn.
RLAM’s net inflow was due largely to a number of new pension fund mandates, the group said.
Two new funds were also launched in the third quarter of the year; the Royal London Duration Hedged Credit Fund and Royal London European Corporate Bond Fund, which are designed to capitalise on the firm’s expertise in corporate bonds and enhance its range of credit funds.
Ascentric’s total assets under administration now sit at £4.7bn, up 42% on the equivalent period in 2011. But general economic conditions combined with the pressures of RDR have “served to dampen growth in the platform market”, Royal London said.
Phil Loney, group chief executive of Royal London, said: “All of our businesses are performing well. RLAM, as we expected, has reported strong net inflows over the last quarter.
"This is particularly pleasing given some outflows experienced earlier this year which, with changing market characteristics and investor appetites, is the nature of fund management.”
