Skandia UK life and unit trust sales slide in Q1

In its interim management statement released this morning, Skandia UK revealed Q1 life sales dipped to £158m (APE basis) for the first quarter, mainly attributed to lower offshore portfolio bond sales through the UK. The investment management business also suffered, with retail unit trust sales falling to £415m in Q1. Skandia UK says the whole industry struggled as volatile markets led to a “weak” ISA season. Skandia UK attracted positive net client cash flows of £546m for the period, but adverse market movements led to a 6% decrease in funds under management – to £39.5bn. The shift...