Despite this, total funds under management were up at £44.8bn from £44bn at the end of 2011.
The fund management arm of Royal London said a change of investment strategy from two of its large clients was chiefly responsible for the outflows and pointed to the fact it had attracted new assets across all areas of its business.
It added that National Employment Savings Trust had chosen RLAM to manage a sterling corporate bond mandate on its behalf.
In addition RLAM said 14 of its 18 Oeics had achieved first or second quartile rankings over three years.
Meanwhile, the Ascentric wrap and institutional platform services saw assets under administration grow by 11% over the quarter to £4.4bn, although new business of £293m during the quarter was lower than in 2011.
This reflected last year’s particularly strong performance and a hangover from the difficult market conditions experienced in the second half of 2011, Royal London said.
Regardless of this, 64 new firms signed up to use the platform during Q1, an increase of 10% on the same period last year.
