UK - Standard Life Investment's UK funds under management have fallen by £1.6bn this year due to sliding UK equity prices.
The fund manager’s total assets fell from £67bn to £64.5bn in spite of the firm winning £1.2bn worth of mandates from UK pensions schemes – and suffering no losses.
Chief executive Sandy Crombie said: “Standard Life Investments has turned in a rugged performance in a year that has been rocky for the stock markets and rough generally for the industry.
“Our new business has again grown steadily as investors and their advisors have recognised the depth of our expertise and our commitment to delivering the highest levels of service to our clients.”
He pointed out that SLI’s UK equity funds are “consistently” above the median for the Russell/Mellon CAPS pooled fund survey.
For the year-to-date, the CAPS UK equities median has returned -25.9% and the FTSE All-Share -26.8%, while SLI’s two UK equities funds have returned -24.7% and -22.9%.
SLI’s third-party assets under management also rose to £11.2bn as at November 15, compared to £9.5bn the previous year.
HMRC has confirmed providers operating relief at source pension schemes can continue to collect automatic tax relief at a basic rate of 20% under new Scottish Income Tax rules.
The Pensions Regulator (TPR) is seeking "improved" powers to set a schedule of contributions in defined benefit (DB) schemes in the government's upcoming white paper, it has revealed.
New regulatory rules which require providers and advisers to produce annuity illustrations will not solve the problem of consumer detriment as they are "fundamentally" flawed, according to Retirement Advantage.
Paul Budgen is set to join financial technology and auto-enrolment (AE) firm Smart Pension as director of business development.