Skandia UK has posted a near 140% surge in sales during the first nine months of the year as RDR drives demand for its SIS platform.
The company says net client cash flow (NCCF) climbed 138% to £1.9bn in the period compared with last year, attributing the healthy figures to increasing demand for its platform in the run up to RDR.
It says changing customer requirements driven by RDR are both increasing demand for platform services whilst reducing demand for traditional life products.
Funds under management increased 13% since the beginning of the year to £31.9bn, reflecting both the positive NCCF and growth in stock markets.
Mutual fund sales contributed significantly to this growth, up 85% to £2.5bn compared to the same period in 2009.
The company says particularly strong growth was seen in ISA sales which were up 89% to £979m and unwrapped mutual fund sales, up 70% to £1.2bn.
Life sales on an annual premium equivalent basis saw an increase of 44% to £272m for the first nine months of the year. Life sales for the third quarter were £79m, compared to £72m to the same period last year, with single premiums up 10% as investment markets recovered.
Both pensions and bonds saw significant increases in sales year to date with pensions up 42% to £211m and bonds up 48% to £46m on an APE basis.
Meanwhile, the insurer says it is actively positioning itself to benefit from a shift in the industry created by RDR.
"Skandia is actively evolving the way it interacts with advisers and customers in line with their changing needs and is managing its cost base so that it is well positioned to thrive in the lower margin platform market of the future," it says.
As a result of these changes, it adds, Skandia UK's H1 2010 market share grew to 6.9% compared to 5.8% at the end of 2009.
"Product providers that stand still in this market have an uncertain future ahead of them," says Skandia UK chief executive Peter Mann. "The market is changing and this creates opportunities for those companies, both providers and advisers, who are nimble and can adapt quickly to the new demand. There is increasing demand from customers for products and services that are focused on their needs, are easy to understand and do not rely on heavy up front commission to drive sales.
Platforms are delivering those products and services and advisers who are starting to use platforms for a significant proportion of their business and likely to grow their businesses significantly over the next few years."
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