Royal London Asset Management (RLAM) has reported a record year for external new business in 2013, with gross inflows up almost 70%, a highlight in a strong set of results for its life company parent.
Gross inflows at RLAM were £3.9bn last year, up from £2.3bn in 2012.
Assets under management rose 11% from £47.55bn at the end of 2012 to £52.95bn at year end 2013.
For the group's wrap platform Ascentric, Royal London said improved economic conditions and a "re-focused adviser community" led to greater demand for services.
As a result, Ascentric's total assets under administration rose 43% to £7.3bn by the end of last year.
The wrap platform also had a record year for new adviser firm sign ups, at almost 800.
Royal London reported total continuing new life and pensions business was up 12% at £3.5bn, led by strong demand for its pensions which rose 26%.
Protection sales fell 15% in 2013 compared with 2012 when sales were inflated above normal levels in the run up to the introduction of gender neutral pricing, the life company said.
Royal London group chief executive Phil Loney said:"Overall new business performance in 2013 was strong, with significant year on year gains in pensions and investments.
"It is particularly pleasing that we have achieved strong new business performance across our range of pension, drawdown, wrap platform and asset management offerings.
"The Retail Distribution Review reforms have led many intermediaries to rework their business models. The market's focus is now firmly on the quality of products and service offered by providers rather than on levels of commission, and Royal London has benefitted from this as we continue to build a more customer centred business."
Caring for children and elderly relatives
Similar to June 2007
Square Mile’s series of informal interviews
Fine reduced to £60,000
Two roles created