Selestia reports doubling of business

Sales of new funds under management in 2004 hit £423.5m, beating a target of £315m and taking total FUM to £730m. Hasan Askary, chief executive of Old Mutual Financial Services, says the parent expects the trend of sales - doubling between 2002-4 - to continue as Selestia builds on its 11.6% share of the market in funds supermarkets. Selestia added 11 fund mangers and 176 funds to its platform last year, as well as implementing facilities such as “yield investor” for automating yield calculations. IFAonline