Skandia unit trust and mutual fund sales dip 25%

The company says the drop is a result of one of the lowest ISA seasons on record for the whole industry and also reflects turbulent market conditions. Total life assurance sales also fell 19% to £596m across Europe with UK sales falling 28% to £335m. Skandia says the relative decline in sales was largely due to a reduced demand for unit-linked products, especially bonds and single premium pensions. Despite reporting net inflows of £1.7bn, the company's funds under management suffered a 17% decrease to £34.9bn from £41.9bn in 2007. Meanwhile, Skandia's parent company, Old Mutual, saw...