Standard Life increased its wrap assets under administration by 13 per cent to £7.5bn in the first quarter.
An interim management shows the number of IFA firms using the platform increased 7 per cent from 820 to 874 over the first three months of 2011. Customers on the firm’s wrap platform rose by 15 per cent in Q1, from 57,000 on December 31, 2010 to 65,700 on March 31, 2011.
Corporate pension inflows rose 85 per cent to £559m over the quarter, compared to £302m at the end of last year. Standard Life also confirmed Lifelens, the firms corporate benefits offering, has secured 10 corporate clients which will be going live later this year.
Total UK individual Sipp business inflows fell marginally from £566m to £553m over the quarter. However, the number of individual Sipp customers increased 6 per cent to 113,800 in Q1, compared with 107,100 at the end of 2010.
Standard Life chief executive David Nish (pictured) says: “We have made a good start to 2011. Strong sales across our long-term savings business are evidence that our products and platforms are performing well.”
The life company’s investment arm Standard Life Investments reported an £800m fall in sales over the quarter, dropping from £2bn to £1.2bn.
SLI has also decided to exit from money market funds due to expected increases in regulatory and capital burdens. The decision could see around £3.5bn of funds transfer to similar funds managed by Deutsche Bank Asset Management.
Last October, Money Marketing revealed concerns that money market fund managers could be forced to inject increased risk into the products under Investment Management Association plans to adopt a European definition for the sector.