Skandia sees inflows dip but hails 'strong' platform sales

Skandia UK has announced a 5% fall in net inflows and funds under management for the first nine months of the year - but said it had outperformed wider industry trends.

The Old Mutual Wealth Management-owned company recorded net client cash flow of £1.8bn for the first nine months of 2011, a 5% fall compared to last year. However, it said performance was strong relative to the wider industry where net retail funds sales plummeted 26% over the same period. It attributed this to a robust showing for its Skandia Investment Solutions platform which saw gross sales increase 7% to £4bn and net cash flow rise 4% to £2.8bn. Funds under management also declined 5% since December 31 to £32.2bn, but Skandia noted this compares to a fall of 13% for the FTSE 100 ...