standard life fee-based transition

Standard Life Investments saw third party new business of £4.3bn last year, down 24% on 2010, while group assets under administration (AUA) increased by nearly £6bn.

standard life fee-based transition
1 minute

At the end of December 2010 group AUA at Standard Life reached £198.4bn, up from £192.9bn a year earlier.

Meanwhile, the UK fee business saw net inflows of £2.8bn, taking its total to £100.6bn, which Standard Life said reflected good flows partly offset by negative market movements.

Gross inflows into the fee-based business reached £23.9bn, with redemptions of £17.8bn taking the net total to £6.1bn and the revenue from fee-based activities at the group was up 8% to £1.2bn, from £1.1bn in 2010, making up 77% of total income, up from 75% a year earlier.

In its outlook, the group said: "In the UK we are entering a period of unprecedented change and potential for growth of our business. With RDR less than a year away, our retail business has scale and momentum and is ideally positioned to continue to drive asset growth through our leading platform propositions."

Its Standard Life Wealth arm has also launched a managed portfolio service for the IFA market, which had achieved £1bn of AUA at the beginning of 2012.

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