UK - Standard Life Investments' assets under management grew to a record £86.6bn in the first half of this year.
SLI’s interim results – covering the six months up to May 2004 – show that its third party assets under management have grown to £15.9bn as at May 15, up from the £12.3bn it had at the same time last year while UK institutional business wins were up 22% to £613m.
The fund manager attributed the growth in its third party assets to new business wins, such as the £175m and £150m equity mandates it runs for the Somerset and Leicestershire County Council pension funds, respectively. The wins bring SLI’s UK local authority assets under management to £1bn.
At the same time, SLI’s parent company Standard Life has seen a fall in its UK life and pensions business sales. Figures for the six months to May 15 totalled £430.7m – a fall of 13% on the same period last year.
Standard Life blamed the decline on a fall in sales of individual pensions (down 22%) and investment products (down 23%), which it believes are a result of consumer uncertainty over the company pending its demutualisation.
Group chief executive Sandy Crombie (pictured) said: “This announcement is a reflection of the resilience of Standard Life Group in the face of very difficult conditions in the first half of the year. This performance has been achieved while conducting a strategic review of our entire business.
“A number of developments on the product, pricing and service front, to be announced in the second half of the year, will take us further forward.”
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.