New business inflows at Royal London Asset Management have dropped £400m on last year.
New business stood at £2.5bn in the nine months to October, compared to £2.9bn in the same period in 2014.
UK equity and fixed income credit funds saw the bulk of the wholesale net inflows of £545m.
Ascentric saw a rise in sales on last year, with £1.9bn of gross sales to the end of September, compared to £1.6bn in the previous year.
Royal London group chief executive Phil Loney says: “Royal London Asset Management and Ascentric had a good quarter following excellent performance in the equivalent period of 2014.
“We have now come through the initial period of pension freedoms and we have seen new trends emerging in the market.”
Loney also reiterated the firm’s opposition to the pensions as ISAs proposal.
He says: “Nobody should be asked to save for 30+ years without absolute certainty that savings made from their income will not be taxed twice. The public will not trust future cash strapped governments to honour any current promise of a tax free Isa-style income in retirement.
“We urge the Treasury to focus its review of pension tax incentives on reforming the current up front tax relief system to make it simpler to understand and fairer for all, considering proposals such as a single rate of tax relief on a 2 for 1 basis.”
In October Royal London introduced profit sharing for the vast majority of its pension customers.