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Ascentric strength bolsters Royal London

Royal London has seen new life and pension business boosted by strong performances from its asset management business, the Ascentric wrap and Scottish Life.
Life and pension business for 2010 rose to £3.1bn from £2.5bn the previous year.

Last year was the strongest for Ascentric since the wrap launched in 2007. New assets under administration have nearly tripled from £421m to £1.2bn. Funds under administration total more than £2.5bn.

New business at Royal London Asset Management almost doubled from £589m to £1.1bn.

Scottish Life saw a 37 per cent rise in business from £1.6bn to £2.2bn while Royal London 360°, the group’s international markets division, saw business volumes rise by 39 per cent from £237m to £329m.

But protection sales under Bright Grey and Scottish Provident continued to decline, with business down by 10 per cent from £370m to £332m. It follows a 19 per cent drop in new protection business for the first nine months of 2010.

Group chief executive Mike Yardley says: “Both our pension and international operations have achieved record new business levels. RLAM is attracting new funds across all asset clas- ses and Ascentric is going from strength to strength. This will be another difficult year for the economy but I am confident our focus on quality products and service will help ensure continuing strong performance.”


Amati VCT takes convertible angle on Aim

Ram Capital Partners and Amati Global Investors, formerly Noble Fund Managers, are raising up to £18m for the Amati VCT, a venture capital trust investing mainly in Aim-traded companies.


‘Merlin misses out mortgages due to debt fear’

Home Funding chief executive Tony Ward believes the Bank of England does not want to encourage mortgage lending for fear of inflating the housing market. Last month, the UK’s biggest banks signed an agreement, called Project Merlin, with the Government to make £190bn available in gross new lending to businesses this year, with £76bn to […]


Providers count the annuity cost to men of ECJ ruling

The ECJ’s decision to ban gender pricing for annuity products will cost a man with a £100,000 pension pot £12,000 over their lifetime, according to A J Bell calculations. Earlier today the European Court of Justice confirmed that offering annuity prices based on gender will be illegal from December 21, 2012. A J Bell marketing […]

Recording sickness absence cover - thumbnail

White paper — recording sickness absence

The latest figures from the Department for Work and Pensions illustrate that sickness absence is still a major cost to businesses, with an annual bill for sick pay and associated costs to employers of £9bn. This paper from Jelf Employee Benefits looks at the importance of recording sickness absence for any employee health strategy and how this can be carried out in an efficient manner to reduce absence, improve employee engagement and drive up profits.


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