Royal London Asset Management (RLAM), the asset management arm of Royal London, has reported net inflows of £1.94bn for the first nine months of 2016, compared to £552bn over the same timeframe a year ago.

Over the nine months to the end of September, gross inflows were £4.77bn, nearly double compared with £2.53bn seen during the same period last year. Gross outflows durin g the period were £2.82bn as against £1.98bn a year ago.

Gross sales at the group’s Ascentric wrap platform, which serves independent financial advisers, dipped 16% to £1.6bn from £1.9bn in the prior year.

Ascentric platform’s assets under administration increased by 17% to £11.8bn from £10.1bn at 31 December 2015.  

Overall, the group's funds under management reached the milestone of £100bn for the first time with total froup funds under management of £101bn at 30 September 2016, a jump of 20% from £84.5bn at 31 December 2015.

Commenting on the results, Royal London group chief executive Phil Loney said: “The combination of new businesses inflows in our asset management and pensions business and rising asset values, means that Royal London for the first time has more than £100bn in funds under management. Institutional sales have been particularly strong and wholesale business has held up well through the volatility stemming from the UK referendum on EU membership.

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“Reaching this significant funds under management milestone reflects growth by acquisition and organically, as well as the expanded fund range developed by our asset management arm over the past five years.  At the end of December 2011 funds under management were £46.2bn.  The impressive growth demonstrates the commitment to growing institutional and wholesale assets through innovation in the credit and multi asset capabilities as well as the success of our award–winning pensions range for individual and workplace pensions.”