Skandia platform profits rise to £13m in 2013

UK platform Skandia has reported profits of £13m in 2013, up from £2m in 2012, after net inflows of over £2bn last year.

The platform - which no longer counts legacy assets from its life book within its total assets under management (AUM) - saw assets climb from £22.6bn to £27.3bn during 2013, as a result of a combination of inflows and positive market movements. The group saw net inflows of £2.4bn, with a further £2.3bn added from market and currency moves. Gross sales were also up, by 14% to £4.7bn. The increase in profitability at the platform - one of the UK's largest - helped parent Old Mutual Wealth achieve an increase in overall profitability. On an IFRS basis, adjusted operating profit ros...