Skandia sees profits jump to £10m as WealthSelect assets hit £1bn

Old Mutual Wealth's soon to be re-branded Skandia platform today reported profits had jumped 400% in the first half of 2014 to £10m, while assets in its recently-launched WealthSelect range hit £1bn.

Parent group Old Mutual, reporting its results for the first half of 2014, said profits for its UK platform arm had jumped 400% from £2m. Increasing sales of the group's investment solutions such as WealthSelect and its Spectrum range - have driven up profits for the platform as their sales feed into its own profits. Having launched WealthSelect - the creation of which was first revealed by Investment Week - in February, the group said it has now grown to over £1bn in funds under management, with net inflows of £160m in the first half of the year. This helped push up its platform g...