Royal London sees funds under management up 11%

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Royal London Asset Management has seen its inflows grow to £2.3bn for the first half this year, compared to £1.9bn for the same period last year.

RLAM says it was a strong result in a period of market uncertainty around the UK referendum on EU membership.

Funds under management are up by 11 per cent to £93.8bn compared to £84.5bn at the end of last year.

Group chief executive Philip Loney says: “RLAM recorded a strong performance in the first half of 2016 with good gross and net inflows in sharp contrast to others in the asset management sector.

“Despite the reduction in interest rates, profit margins have held up well, allowing continued investment in the business to support the development of our product and servicing capabilities.”