Low markets see Standard Sipp transfer values suffer
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Standard Life Sipp business fell by 21 per cent to £2.9bn last year from £3.7bn in 2008 while net inflows dropped by 28 per cent to £1.8bn.
Lower average market levels over the year hit incoming transfer values, which it says continue to represent the majority of new business. Sipp assets under administration rose by 36 per cent to £11.8bn from £8.7bn and the number of customers investing in the firm’s flagship product rose by 27 per cent to 83,900 from 65,900.
Assets under administration on the firm’s wrap more than doubled to £3.6bn from £1.7bn.
At the end of 2009, Standard had 583 IFA firms using its platform compared with 409 in 2008 and a total of 31,600 customers, almost double the previous year’s 16,900. Mutual funds sold through UK life and pension business on the Standard Life wrap, Sigma and Fundzone platforms saw net inflows more than double to £795m from £339m.
Sales were 60 per cent higher at £1.2bn from £700m.
Chief executive David Nish says: “Standard Life has delivered an impressive performance in 2009, a year of challenging market conditions. We have achieved good growth in our customer base and assets under administration in our core propositions. This momentum, coupled with the recent recovery in market levels, will benefit future profits and cashflow.”
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