Standard Life reports jump in platform and Sipp assets
Assets under administration for Standard Life’s platform business have grown by a fifth compared to the previous year, reaching £12.8bn by the end of June 2012.
In its half year results for the first six months of 2012, the company claims to have increased the number of adviser firms in its wrap platform by 17 per cent to 1,087, compared to 926 in H1 2011. The average AUA per firm rose from £8.2m in 2011 to £8.8m at the end of June 2012.
Meanwhile, total Sipp customers increased to 147,000, a rise of 22 per cent year-on-year. Assets under administration for Standard Life’s Sipp business grew to £18bn from £16.4bn in H1 2011.
The results also revealed that operating profits before tax across the UK business grew 15% to £302m in the first half of the year, on the back of a rise in revenues from £611m to £620m.
David Nish, chief executive of Standard Life, said: “The UK results, where profits benefited from higher income and significantly lower costs, demonstrate the strength and scalability of our propositions and our brand.
“The industry is undergoing a period of significant change and we believe that this brings opportunity. We are all well prepared for the regulatory and market changes on the horizon, and have invested to make sure we are even better placed to meet the needs of our customers and their advisers.”