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Skandia wrap sales up 62%

Skandia saw a 62 per cent increase in sales of its wrap in the first quarter of this year but single-premium sales in the UK and international business plunged by 40 per cent.

Skandia’s parent company, South African-based Old Mutual, saw a 25 per cent drop in group-wide life sales to £316m from £423m. The firm revealed an increase in capital of almost 20 per cent to £900m.

Old Mutual attributes the 40 per cent drop in sales at Skandia UK and International to low consumer confidence as a result of the global economic crisis.

Skandia says its platform performance was largely influenced by the firm’s reprice last September.

Group chief executive Julian Roberts says: “We think that the increase in sales shows the robustness of our platform, the impact of our repricing and our strategy. I believe that platform in the UK is the way forward.”


Skills council pledges to try harder

The Financial Services Skills Council has admitted its performance has not been up to scratch but says it is committed to improving to gain a new operating licence.

European funds see strong inflows

Strong flows into money market funds allowed European funds to return to positive territory in March, according to Lipper FMI’s Fund Flash Report. The liquidity funds saw an injection of 9 billion (8.03 billion) so that total European net sales rose to 75m for the month. Lipper says equity funds and those in the Other […]


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