Royal London Asset Management (RLAM), the asset management arm of Royal London, has reported gross inflows of £5.1bn for the first half of 2017, a huge surge compared to £2.3bn a year earlier.

The inflows were from both institutional and wholesale markets, Royal London said.

Gross sales at the group’s Ascentric wrap platform were £1.4bn,  a jump of 27% over £1.1bn in the year ago half. The platform’s assets under administration totalled £13.4bn at the end of June 2017, up 9% compared to £12.3bn as at 31 December 2016.

Overall, the group’s funds under management were £106bn as at 30 June 2017, up 6% compared to £100bn as at 31 December 2016.

The group European Embedded Value (EEV) operating profit stood at £185m in the first half of 2017, a jump of 34% from £138m the last year.

Royal London group CEO Phil Loney said: “Our strategy remains to deliver excellent value for money by focusing on creating the best customer outcomes and best customer experiences at really competitive prices. This philosophy is rooted in our status as a mutual. The growth in profit and new business sales we announce today underlines the continued success of our strategy.”

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