Standard LIfe has reported first quarter results. Highlights are:
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Group assets under administration (AUA) of £206.8bn (31st December 2011: £198.4bn, 31st March 2011: £194.5bn)
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Standard Life Investments third party assets under management (AUM) of £76.1bn (31st December 2011: £71.8bn, 31st March 2011: £68.4bn)
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Long-term savings new business sales of £5.0bn(£5.8bn) with the UK performing well
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Long-term savings net inflows of £1.1bn (£1.3bn) including strong flows into institutional pensions driven by demand for its Global Absolute Return Strategies proposition
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Standard Life Investments third party net inflows of £1.1bn (£1.4bn), representing an annualised 6% of opening AUM
Chief executive David Nish comments "Standard Life has had a resilient start to 2012 despite the uncertain economic environment and fragile consumer confidence which has affected new business volumes in the first quarter against a strong start to last year. Against this backdrop, our performance has been good. Inflows into our long-term savings businesses and strong performance from Standard Life Investments have helped to increase both our Group assets under administration and Standard Life Investments third party assets to record levels, driving growth in fee-based revenue while we continue to improve the efficiency of our business."
As our industry prepares for significant regulatory change, we are continuing to build on our leading positions in each of our markets to take advantage of the opportunities that lie ahead. During the quarter, we announced our auto enrolment solution and have built on the success of MyFolio risk-based funds in the retail space by launching a version to meet the demands of the corporate market. Standard Life Investments has further extended its wholesale distribution in the US and Europe through significant new distribution agreements.
We remain confident that we are well positioned to deliver continued strong growth in assets. We expect this, together with improvements in efficiency, to continue to drive an ongoing improvement in financial performance."
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