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Standard Life assets boosted by pension sales and funds arm
April 24, 2013 / 6:57 AM / 4 years ago

Standard Life assets boosted by pension sales and funds arm

* PVNBP long term savings new business sales 6.3 bln stg, up 24 pct

* Long term savings net flows up 26 pct to 1.4 bln stg

* Group AUA net flows 2.8 bln stg

LONDON, April 24 (Reuters) - British insurance group Standard Life saw the net flow of new money it administers more than double in the first quarter from a year earlier, helped by a rise in pension savings.

Assets under administration at the group rose 7 percent to 233.1 billion pounds during the first three months of 2013, Standard Life said in a trading statement on Wednesday.

Net flows of assets were 2.8 billion pounds over the period, compared with 1.1 billion pounds a year earlier, the group said.

Chief Executive David Nish hailed a “strong start” to 2013, particularly in the core UK market where the financial services industry is currently grappling with a regulatory shake-up of how investment products are sold to retail clients.

“We have made a smooth transition to operating under the new regulatory environment with encouraging early indicators from both our corporate and retail customers and their advisers,” he said.

The increase in group assets was underpinned by a 24 increase in sales of long term savings products, helped by a new system of auto enrolment to company pension schemes in the UK.

Corporate pension sales were also higher for its Canadian business.

The rise of the group’s fund management arm Standard Life Investments (SLI) continues apace with third party net flows increasing 160 percent to 3 billion pounds, the company said.

In March SLI said it now manages more money for external clients than for its parent after an international push for new business.

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