Standard Life’s total asset under management (AuM) stood at £178.8 billion (US$279.5 billion) for the first six months of 2013, an increase of 7% compared to £167.7 billion (US$262.2 billion) for the same period last year.
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The firm’s operating profit before tax was £304 million for the first half, a 6.2% increase compared to £286 million for the previous year period. The company said that the result benefited from strong growth in fee based revenue, reflecting both higher market levels and the increased demand for our fee based long-term savings and investment propositions.
Standard Life’s total income was increase by 12.7% to £891 million from £790 million in the first half of 2012. The group’s assets under administration increased by 7% to £232.8 billion while Standard Life Investments third party assets under management increased by 13% to £93.4 billion.
David Nish, CEO of Standard Life, said: "Standard Life has made really good progress in the first half of the year, delivering substantial growth in sales, flows and assets, all driving higher revenues and operating profits.
"In the UK, through listening to our customers and developing propositions that meet their needs, we have significantly increased operating profit by 28% and have strong momentum in both our retail and corporate businesses.
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By GlobalData"Standard Life Investments has had an outstanding start to the year with its operating profit up 37%. Excellent investment performance has driven exceptionally strong net inflows of £7.1 billion. The team continued to innovate, develop and launch new products and expanded the global reach of the business.
"Canada is making progress in transforming its business, and our joint ventures in India continue to deliver strong performance in a market where we see further opportunities for our businesses."
