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Selestia stays on track with sales of £218m

Asset allocation platform Selestia saw new business of £218.3m in 2003 after taking £74m in the final quarter.

It says the results for its second full year keep it on target to reach profitability by 2006 through accumulating assets of between £1.5bn and £2bn.

The Old Mutual-owned platform now has £300m in assets under management while 700 IFAs have signed terms of business contracts with it.

Advisers using Selestia can select between 474 funds from over 45 fund houses. Other offerings include its Sipp service, Marketing director Bill Vasilieff says: “These are excellent results for our second full year of trading and see us steadily gaining market share from our competitors. We are confident that business will continue to grow. We are looking to achieve double the business volume in 2004.”

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