Standard Life UK assets hit by market volatility
Standard Life’s total UK assets under administration fell by over 2% from £112 billion to £109.4 billion in the first nine months of 2011 as the provider was affected by volatile equity markets.
In an interim management statement the provider reported a £3 billion drop in UK fee business assets under administration from £98.6 billion on January 1, 2011 to £95.6 billion on September 30, 2011.
Gross retail fee business inflows increased 6% from £5 billion in the first nine months of last year to £5.2 billion this year.
Total Sipp customers have increased 19% to 127,700 since the start of 2011, with total Sipps assets under administration hitting £15.9 billion.
Standard Life has also added a further 197 adviser firms to its wrap platform since the end of 2010, bringing the total at the end of September to 969.
David Nish, chief executive of Standard Life, says: “Standard Life has performed well during the first nine months of this year and we remain on track to transform the operational and financial performance of the group.
“We are strengthening our market positions and improving our efficiency to ensure we are competitively positioned for the important market and regulatory changes ahead of us.”
To receive more relevant articles like this one, why not sign up to our briefings and breaking alerts by clicking here.