Royal London Asset Management reported a 17 per cent increase in assets under management during the nine months to 30 September, despite a drop in net new business inflows.
Assets under management increased by 17 per cent year-on-year from £39.7bn to £46.6bn. Net new business inflows were down 28 per cent on last year dropping from £218m to £156.8m in the first nine months of the year.
Wrap platform Ascentric also saw a slowdown in new assets under administration, dropping from more than £1bn to £856.7m. However, total assets under administration grew by 42 per cent to £4.7bn.
According to parent group Royal London, “general economic conditions combined with the pressures of RDR have served to dampen growth in the platform market”.
Royal London group chief executive Phil Loney says: “RLAM, as we expected, has reported strong net inflows over the last quarter.
“This is particularly pleasing given some outflows experienced earlier this year which, with changing market characteristics and investor appetites, is the nature of fund management.
He adds: “We have exceptional management and first class teams in place to deliver the right product offerings and high quality, consistent returns to our investors.”