Standard Life’s total UK assets under administration fell by over 2 per cent from £112bn to £109.4bn in the first nine months of 2011 as the company was affected by volatile equity markets.
In an interim management statement, published last week, the company reported a £3bn drop in UK fee business assets under administration from £98.6bn on January 1 to £95.6bn on September 30.
Inflows from retail fee business rose by 6 per cent from £5bn in the first nine months of last year to £5.2bn this year.
Total Sipp customers have increased by 19 per cent to 127,700 since the start of this year, with total Sipp assets under administration hitting £15.9bn.
Standard has added a further 197 adviser firms to its wrap platform since the end of 2010, bringing the total to 969 at the end of September.
Chief executive David Nish says: “We are strengthening our market positions and improving our efficiency to ensure we are competitively positioned for the important market and regulatory changes ahead of us.”