Life assurance company Standard Life said inflows across its long-term savings businesses plus a strong performance at Standard Life Investments have helped to increase both group assets under administration and Standard Life Investments third party assets to record levels.
Group assets under administration at the end of September stood at £211.9bn, up from £198.4bn at the end of 2011 and £204.2bn at the end of June 2012.
Standard Life Investments third party assets under management (AUM) of £78.8bn at the end of October were up from £71.8bn at the end of 2011 and £74.3bn at the end of June 2012, with increasing asset class and geographic reach.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Standard Life's Insurance Group Directive surplus has improved to £3.4bn from £3.0bn at the end of June, but remains relatively sensitive to market movements, the company said.
The group said it is in good shape ahead of market and regulatory changes, such as the Retail Distribution Review (RDR).
"The phased implementation of auto enrolment has commenced and we are already offering fully RDR-compliant adviser charging on our platforms. By combining our platform technology with investment expertise and high levels of customer service, we are in a unique position to meet the broadening demand for investment solutions from customers, advisers and large financial institutions," claimed David Nish, Chief Executive of Standard Life.
"In Canada, we have continued to expand our fee based offering and in Singapore, we are now open for business," he added.
"Uncertainty around the future of the Eurozone and difficult economic conditions continue to [have an] impact [on] consumer sentiment. However, we are confident that the ongoing focus on increasing assets and improving the efficiency and scalability of our business, will continue to drive improved returns for our shareholders," Nish asserted.
JH
-
Bitcoin price one of the most-asked questions on Alexa - here's how to buy the cryptocurrencyAccording to figures from Amazon, which cover September 2023 to November 2024, pop star Taylor Swift and Bitcoin were named among the most popular Alexa queries of 2024
-
Investing for children this Christmas – five ideasIt might not come with a shiny ribbon, but an investment fund could be the gift that keeps on giving. We share five ideas if you are investing for children this Christmas.
