Profits up 14% for Skandia UK
Skandia UK said its profits were up 14 per cent in the first half of 2008, but warned diversification was vital to retaining market share under current conditions.
The division of Old Mutual Group said net margins were up from 41.9 to 46.2 basis points, but assets under management were down 3 per cent to £39.5bn.
Skandia said it would look to diversifying measures such as its new Alternative Investments and risk-rated Spectrum funds to boost retail assets, although the Spectrum range had gathered only £20m to the end of June.
