UK - Standard Life Investments' (SLI) third party funds under management (FUM) remained constant at £47.5bn (US$92.8bn) during the first half of 2008 and now represent 36% of total FUM.
Excluding the impact of this reinsurance transaction, total funds under management reduced by 4%.
Sandy Crombie, Standard Life's group chief executive, said: "In SLI, net inflows offset the impact of market declines so that third party funds under management remained constant."
Third party net new business dropped 53% from £5,642m to £2,658m, due to economic volatility which impacted investment management sales. Life and pensions net flows were up 15% compared to the first half of last year.
The group posted a 51% increase in first-half operating profit before tax.
Crombie added: "Group operating profits were well ahead and our balance sheet remains robust with strong solvency ratios maintained.
"Reflecting our progress in the first half and our confidence about the future, the board is increasing the interim dividend payment by 7%."
PTL has appointed Karein Davie as a client director in its Birmingham office.
The level of interest rate hedging increased to £29.5bn of liabilities in the second quarter as pension funds continued to de-risk, according to BMO Global Asset Management's research.
UK inflation has risen for the first time since November to 2.5% in July, up from 2.4% in June, thanks to rising fuel costs and the price of computer games.
The number of DB pension scheme trustees targeting a buyout with an insurer has increased significantly in the past five years, latest research from Willis Towers Watson shows.