Standard Life saw a marginal increase in gross inflows into its retail fee business in the three months to 30 September, as global financial markets volatility stunted investor sentiment.
The group said inflows in the quarter were £1.5bn in the quarter, up 1% on the same period last year. Gross inflows for the nine months to 30 September are up 6% to £5.2bn.
Standard Life said the number of adviser firms now using its Wrap platform has increased to 969, up some 25% on the same stage in 2010. The average assets under administration on Wrap is now £7.9m per firm, it said, up from £6.7m last year.
Meanwhile, total SIPP customers increased to 127,700, an increase of 26% year-on-year and 19% since the start of 2011.
Gross inflows into annuities in the quarter increased by 16% to £123m (2010: £106m) reflecting, it said, the impact of the actions it had taken to increase sales.
However, it said new business slowed in September as customers chose to defer their retirement rather than crystallise market losses due to current markets.
Overall, the Standard Life group saw assets under administration (AUA) drop to £191.1bn in Q3, down from £200bn at the end of June this year.
David Nish (pictured), group chief executive, said: "The third quarter saw very challenging conditions in global financial markets which have impacted values of assets and customer confidence, reducing the pace of fund flows.
"Our institutional and corporate business continued to grow, although at a slower rate, while inflows into retail propositions have held up well as we continued to add new customers and advisors to our platforms."
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