RLAM's sales drop 66% but pension freedoms provide boost

Platforms and pension business strong

Royal London Asset Management (RLAM) has seen a 66% drop in net sales in the past year to the end of September, but the group's retirement business has seen a boost from pension freedoms.

The asset manager has continued to suffer outflows this year, which were up 54% year-on-year in the first nine months of 2015. In the nine months to 30 September, the asset manager has seen nearly £2bn in outflows, up from £1.3bn in the same period last year. Gross inflows were also down from last year, reaching £2.5bn compared to £2.9bn the previous year. Overall, net sales are down 66% from the £1.6bn figure seen in the first nine months of 2014, reaching just £552m. The group said this money went predominantly into its UK Equity and Fixed Income Credit funds. However, Royal Lond...