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Skandia platform assets jump 20% to deliver £2m profit
by Daniel Grote on Mar 01, 2013 at 08:15
Skandia has reported a 20% jump in assets on its platform over 2012, which helped to drive a £2 million profit.
Assets on Skandia Investment Solutions rose from £18.8 billion to £22.6 billion over the course of 2012, helping to contribute towards a 10% rise in assets for parent Old Mutual Wealth, from £62.8 billion to £69.2 billion.
Profits within Skandia’s life business dwarfed the performance of its platform business, however, with total UK Skandia profits hitting £94 million. Combined with £68 million profit from Skandia’s international business, the performance helped Old Mutual Wealth record a £195 million profit for 2012.
That is down from £225 million in 2011, although Old Mutual Wealth pointed to £15 million of one-off restructuring costs over the year, and a £32 million tax smoothing adjustment made during 2011.
Old Mutual Wealth chief executive Paul Feeney (pictured) said: ‘Financial advisers are and will remain our core distribution channel and we continue to work with them to bed in post retail distribution review (RDR) processes. Our key priority is to ensure we continue to support advisers in the post-RDR world by improving our technology and processes so that we can respond to their needs more quickly, and provide a variety of products and solutions that suit a diverse range of customer needs
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