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SLA platforms boosted by DB transfers as flows up 66%

SLA platforms boosted by DB transfers as flows up 66%

Defined benefit (DB) pension transfers helped Standard Life Aberdeen achieve a 66% year on year rise in platform inflows last year.  

The company recorded net inflows of £7 billion across its three platforms over 2017, as assets under administration rose to £54 billion. 

Net inflows onto the Standard Life Wrap and Elevate platforms were 'boosted by transfers from defined benefit to defined contribution pension schemes, which helped the UK retail channel achieve a 73% increase in net flows to £6.4 billion (£3.7 billion in 2016),' the company said. 

Parmenion’s net flows made up £1.3 billion of the combined inflows, with assets under management of £4.4 billion in 2017.

Assets under advice at restricted advice firm 1825 were £3.5 billion by the end of last year, Standard Life Aberdeen added. 

Despite the strong performance in its retail business, total pre-tax profits for the group were down 1.4% from £1.05 billion in 2016 to £1.04 billion last year.   

Alongside the results Standard Life Aberdeen today announced it was selling off the insurance arm of its business to Phoenix in a deal worth £3.2 billion deal but would be retaining its retail platforms, Standard Life Wrap, Elevate and Parmenion, as well as advice business 1825.

Aberdeen Asset Management completed a merger with Standard Life in August 2017. The merged Aberdeen Standard Investments announced 70% of investment performance over 2017 was ahead of benchmark.

According to a statement from the company Aberdeen Standard Investments will continue to manage £110.5 billion of assets on behalf of the insurance business which has been sold to Phoenix Group.

Phoenix Group will continue to provide and administer insurance products, largely Sipps and offshore bonds, worth £24.5 billion to Standard Life Aberdeen's retail platforms.

For the combined Standard Life Aberdeen group assets under administration were at £654.9 billion up from £647.6 billion in 2016.

The group saw net outflows of £31 billion down from £36.8 billion in 2016.

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