Royal London Asset Management (RLAM), part of the UK mutual life and pensions company Royal London, has reversed a large cyclical outflow in the first quarter of 2012 with a net £224 million (€265 million) of new funds in the same quarter this year.
The outflow in the first quarter of 2012 was £495 million.
In its quarterly results announced today Royal London said the inflow was also double that which it received in the same period 2011.
The RLAM figures exclude cash mandates.
Funds under management are up 5% to £50 billion compared to £47.6 billion at the end of 2012.
Phil Loney, group chief executive, says: “RLAM has experienced good net inflows after some large cyclical outflows in the same period in 2012. The levels are almost double the amount which we received in the equivalent period in 2011 which further highlights the strong position and excellent reputation the business has in its markets.”
For the group, total new life and pensions business increased by 22% to £929 million when both present values of single premiums are added to expected values of regular premiums.
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