Skandia profits rise 29%

The provider’s assets under management rose 16% to £41.9bn but Skandia UK’s sales dropped 1% to £8.6bn. Selestia and Skandia MultiFunds achieved £2.5bn in gross new business sales last year and a 9% rise in funds under management to £9.7bn. Skandia says the market continues to move away from “old style, one size fits all with-profits funds” towards open-architecture and MultiManager investments. The statement echoes Resolution research on Tuesday, which shows 50% of advisers plan to boost their multi-manager exposure in 2008. It also highlights distribution solely through adviser...