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Standard Life records £3bn assets on platform

Standard Life has reached £3bn in assets under administration on its platform, a 76 per cent increase since December 2008.

Wrap assets under administration reached £1.7bn by the end of last year, £2.3bn by June 30 this year and £3bn by the end of September.

At the end of the September there were 532 IFA firms using the platform and 26,600 customers with an average fund size of £111,000.

Standard Life’s interim management statement says: “We continue to see strong momentum in our wrap offering, with a strong pipeline of IFA firms in the process of adopting the platform.”

Threesixty partner Phil Young says: “Standard Life breaking the £3bn in assets under administration mark is a significant milestone for them as they continue to grow rapidly having broken the £2bn mark not long ago.

“Standard have invested hugely in their wrap which is critical to their business model, and it seems that this level of commitment is now being rewarded by exponential growth.”

This week Ascentric exceeded £1bn funds under administration on its platform.

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