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Skandia net client cash flow down 54%

Skandia UK and Offshore has seen net client cash flows plummet 54 per cent to £1.1bn for the first half of the year, compared to £2.4bn for the same period last year.

However the provider saw a 14 per cent increase in profit to £91m, up from £80m in 2007.

Assets under management are down slightly for the first half of 2008 to £39.5bn, a 3 per cent decrease from 2007’s figure of £40.8bn.

Life assurance sales into Skandia International were up 2.4 per cent on the first half of 2007. However overall life assurance sales are down 16 per cent to £327m on an annual premium equivalent basis and gross sales of mutual funds are down 21 per cent to £1bn.

In April Skandia UK, in conjunction with Skandia Investment Group, launched two new funds. Skandia says the Spectrum range of risk-rated funds have been well received by advisers and attracted over £20m of investment by the end of June 2008.

Skandia UK chief executive Nick Poyntz-Wright says: “Tough market conditions in the UK are demonstrating the need for innovative investment solutions, such as Spectrum, that give financial advisers the flexibility to cater for different investor requirements.

“Offering such a wide range of investment options has enabled us to generate positive net client cash flows during a period of extreme market volatility. The strength of our business model enables us to continually evolve both our platform and investment offering and we have some exciting developments in the pipeline for the remainder of the year.”

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