Royal London Asset Management has reported net new external business of £1.62bn for the nine months ending 30 September 2014, an increase of 11% compared to £1.45bn as at September 2013.
The group has saw wholesale net flows of £881m into the equity income and credit funds.
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In addition, institutional net flows of £739m included around £296m into the RLPPC Credit fund and various charities and local authorities investing into its popular cash plus fund.
The group’s Ascentric wrap platform achieved net new assets of £976m year to date, down 22% from £1.25bn on the equivalent period in 2013.
Meanwhile, the assets under administration were up 25% to £8.4bn from £6.7bn as at September 2013.
Overall, total group funds under management were £78.4bn as at 30 September 2014, an increase of 7% on 30 September 2013.
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By GlobalDataPhil Loney, group CEO of Royal London, said: "In the year to date we have secured 1,272 new workplace schemes and over 69,327 new customers who are all mutual members of Royal London. Ascentric is also a significant player in the platform drawdown market. Many advisers are recommending ‘capped’ drawdown to their clients now, to ensure their fund produces a significant income.
"We are working on future ways to give our retiring non-advised customers access to independent and impartial advisory firms at low cost, and on product solutions, such as our open market annuity panel, which bring the best products in the market to our non-advised customers, rather than a Royal London only offering," he added.
