Skandia UK profits soar 56%

Strong platform sales helped boost Skandia UK's pre-tax profits for 2010 by 56% to £140m compared to £90m in 2009.

Part of the wealth management business of Old Mutual, Skandia UK's profit growth was also driven by increased funds under management and tight control on costs. Funds under management grew 20% over the year to £33.9bn driven by a combination of strong investment growth as global stock markets recovered and high new business sales. Gross sales grew 46% to £6bn, with over £5bn of gross inflows coming via the Skandia Investment Solutions platform. Net sales were £2.3bn, a 77% increase on 2009 (£1.3bn). These strong sales saw Skandia UK 's market share continue to grow in Q3 2010, to 7...