RLAM sees outflows as clients reduce fixed income holdings

Royal London Asset Management(RLAM) reported net sales outflows of £310.3m during the first half of the year, primarily from fixed interest assets as three clients reduced their exposure.

This compared to a net inflow of £583m during the same period in 2011. However, despite this overall outflow, RLAM won new mandates from a range of organisations, including corporate pension schemes, friendly societies, educational establishments and charities. Funds under management for the asset management arm rose 2% to £44.9bn in the first half, compared to £44bn at the end of 2011. Meanwhile, profits for its parent Royal London group fell by 25% in the first half of the year as a slow market hit new sales and low interest rates affected revenues from customers' policies. Opera...