Royal London Asset Management saw new business inflows increase 66 per cent to £1.1bn from £662m in Q1 2015 helped by a “significant” boost in institutional business.
The company’s first quarter results, released today, show the asset manager saw outflows dropping by 35 per cent to £743m from £551m on 31 March year-on-year.
Over the period sales through the Ascentric platform dropped 9 per cent from £556m in Q1 2015 to £504m this year.
Royal London group chief executive Phil Loney says Ascentric continues to maintain market share and the platform’s assets under administration increased 3 per cent to £10.4bn from last year’s £10.1bn.
At a group level, Royal London posted a 56 per cent increase in new business to £2.1bn in the first quarter of 2016.
Funds under management rose 4 per cent from £84.5bn at 31 December 2015 to £87.9bn at 31 March 2016.