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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, down from £551m in the same period in 2012.

Skandia parent Old Mutual’s Q1 results, published last week, show the company increased total assets under management by 8 per cent to £74.5bn, up from £69.2bn in Q1 2012.

Gross sales increased 19 per cent from £2.6bn to £3.1bn.

Old Mutual Global Investors increased gross sales by 68 per cent from £888m to £1.5bn. Skandia’s international business increased net inflows to £134m, up from £12m in 2012.

The Skandia platform increased assets by 9 per cent to £24.7bn, up from £22.6bn in the final quarter of 2012.

Old Mutual chief executive Paul Feeney says: “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.”

Thomas and Thomas Financial Services managing director Darren Lloyd Thomas says: “I think the net inflows are probably in line with the rest of the market as things seemed to be quite static in the first quarter of the year.”

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