Skandia reports first quarter sales boost
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Skandia has reported net client cash flows were up 150 per cent to £500m in the first quarter of 2010, compared to £200m for the same period last year while funds under management increased 7 per cent to £30.3bn over the quarter from £21.2bn in Q1 2009.
Mutual fund sales increased by 116 per cent year-on-year to £796m up from £369m and life sales increased 72 per cent to £98m in the first quarter compared to £57m Q1 2009, on an annual premium equivalent basis.
The Skandia Investment Solutions platform saw almost £1bn in net inflows, which the firm says is its strongest quarter to date.
Skandia cites the return of investor confidence over the past year for the boost in sales as well as an increase in the use of platforms by advisers.
Chief executive officer Peter Mann says: “The natural evolution of the financial services market is driving new business towards platforms which give investors and their financial advisers greater control over their finances.
“This trend is evidenced in our first quarter sales figures and is set to continue as the Retail Distribution Review hastens the drive towards modern investment solutions that are focused on the needs of the customer and easier for them to understand.”
Skandia’s parent company, Old Mutual, reported a 21 per cent year-on-year increase in sales to £397m in the first quarter from £316m and an 8 per cent jump in funds under management to £309bn compared with £245bn for the same period last year.
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