CompaniesOct 29 2014

Standard Life platform assets under administration up 15%

twitter-iconfacebook-iconlinkedin-iconmail-iconprint-icon
Search supported by

Standard Life has continued to attract assets from advisers this year, with total platform assets under administration up 15 per cent to £22.4bn from £19.4bn at the end of last year, while adviser firms using the wrap platform were up 6 per cent to 1,314.

Its Q3 interim management statement, published today (29 October), revealed that overall UK retail and corporate fee business AUA is now over £100bn, while AUA from continuing operations is up to £290bn, driven by net inflows of £4.3bn and the acquisition of Ignis Asset Management.

These gains come while changes in annuity regulations resulted in a reduction of UK annuity sales by 55 per cent year to date, down 67 per cent last quarter compared to Q3 2013.

The interim management statement noted that the outlook for annuities remains uncertain, with a significant reduction in demand and a step down in the profitability of the firm’s spread/risk business expected in the future.

“Nevertheless, our UK fee business, including our leading income drawdown proposition, is well positioned for future growth,” it added.

The drawdown proposition has amassed AUA of £10bn and the firm confirmed it is developing new solutions to help customers take advantage of the flexibility offered by changes announced in the Budget.

Standard Life’s corporate pension offering helped secure 1,168 new schemes and over 290,000 auto enrolment customers, including 117,500 this quarter alone.

David Nish, chief executive, commented: “We are also strongly placed to deal with the far-reaching reforms to the savings and retirement income rules, announced earlier this year by the UK government, and to support customers through these changes.

“We have an excellent track record of succeeding in evolving markets,” he added.

peter.walker@ft.com