Royal London Asset Management (RLAM) has reported net new external business inflows of £111m in the first quarter of 2015, a fall of 88% compared to £902m in the prior year quarter.
Total new life and pensions business increased 40% year-on-year to £1.38bn from £988m a year earlier, driven by a 68% surge in individual pensions sales to £474m.
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Drawdown sales saw a rise of 67% to £244m, whereas group pensions sales increased 16% to £515m.
For the quarter ended 31 March 2015, the group also achieved significant net flows in to its UK Equity Income (£91m), corporate bonds (£67m), Sterling Credit (£39m) and Cash Plus (£27m) funds.
Ascentric, the firm’s wrap platform, posted a rise in gross inflows from £530.5m in the corresponding quarter of 2014. The pension freedoms triggered an 80% increase in Sipp business.
Group chief executive Phil Loney commented: "This is a very strong set of numbers, which comes on top of last year’s record results. In the key areas of pensions and protection we continue to increase market share. The fact that we continue to do so is a result of our investment in the quality of our product and service proposition."
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By GlobalData"Our Wealth businesses have continued their growth story during the period by delivering significant inflows to complement rising valuations for existing assets. Ascentric’s assets under administration reached £9.53bn, a 7% increase on Q4 2014. RLAM recorded net new external business inflows of £111m and now manages over £86bn of client assets," added Loney.
