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Skandia platform inflows drop 10%

Feeney-Paul-Skandia-2013

Skandia’s platform net inflows fell 10 per cent in the first quarter of 2013 to £498m compared to £551m in the same period in 2012.

Skandia parent Old Mutual’s Q1 results released today show the company increased total assets under management by 8 per cent to £74.5bn while gross sales increased 19 per cent to £3.1bn.

Old Mutual Global Investors increased gross sales by 68 per cent to £1.5bn while Skandia’s international business increased net inflows to £134m from £12m in Q1 2012.

The Skandia platform increased assets by 9 per cent to £24.7bn.

Old Mutual chief executive Paul Feeney says: “We are pleased to have clarity on the future of the platform market following publication of the final platform rules which we see as a strong endorsement of our platform strategy. 

”We are now the only platform in the market to already be processing unit rebates to deliver discounted fund prices and we will now be focusing on enhancing the platform offering further in line with the needs of advisers and clients.”

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