Royal London's Ascentric wrap platform has achieved a third quarter of record net new business, with £1.25bn of new assets for the year to date.
Around 800 more firms have signed up to use the wrap platform than over the same period last year contributing to a 42% increase in total assets to £6.69bn, Royal London said.
Elsewhere, total new life and pensions business was up 14% to £2.95bn for the first nine months of the year, up from £2.59bn for the same period last year.
This rise was helped by a 28% increase in pensions business, valued at £2.21bn.
On the asset management side, business continued to perform well, with RLAM net new business inflows of £1.45bn. Total group funds under management were £73.5bn, up 48% from 31 December 2012. This includes £20.4bn of funds from the acquisition of The Co-operative Asset Management on 1 August 2013.
Royal London group chief executive said: "The continued new business growth across most of our core specialisms is very encouraging. Royal London continues to flourish in the post RDR market where competition is focused on the quality and value offered by our products, service and investment solutions.
"New pensions business and especially group pensions continue to grow at an impressive rate.We expect continued growth in this market as the positive impact of automatic enrolment starts to work through to medium sized and smaller companies, which is the area of the market which we have made our target.
"Nevertheless the recent decision by DWP to consult on a price cap on workplace pensions means that there will inevitably be less competition in the market as smaller employers approach their staging date for automatic enrolment. The aim of Government policy should be to improve competition by removing barriers to switching pensions provider not stifling completion by imposing an arbitrary ‘market norm' for charges - which may actually have the effect of ‘levelling up' average charges."
Joined as head of strategy, multi asset, in June
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