Royal London’s funds arm breaks through £100bn mark

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Royal London Asset Management’s total assets rose to £101 billion as of September 30, the firm said in its third-quarter update on November 4. That compares with £83.1 billion at the end of September 2015 and is a 20% rise from the total at the end of December 2015.

The firm said this was “a particularly good result at a time when many asset managers are experiencing high net outflows”. At the end of 2011, RLAM’s total assets stood at £46.2 billion.

Phil Loney, group chief executive, said in the statement that the combination of rising asset values and inflows into its asset management and pensions business had driven this growth.

He said institutional sales had been “particularly strong” while its wholesale business had “held up well” in the face of post-Brexit volatility.

Over the nine months to the end of September, net inflows were £1.9 billion, compared to £552 billion over the same timeframe a year ago. Inflows had largely been driven by a “significant increase” in new institutional business investing in its fixed income range.

Its Ascentric platform, which serves independent financial advisers, saw assets under administration tick up to £11.8 billion from £10.1 billion at the end of December 2015, propelled by gross sales of £1.6 billion over the past nine months, although this was slightly down on £1.9 billion recorded a year ago.

Loney added: “Reaching this significant funds under management milestone reflects growth by acquisition and organically, as well as the expanded fund range developed by our asset management arm over the past five years.”

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