Skandia mutual fund sales offset decline in life products

The group saw a 25% increase in funds under management to £28bn in 2009, while it recorded a 43% increase in net client cash flow to £1.28bn. It says its covered business - traditional life and pensions products - fell 6% over the period. Skandia remains the UK's leading platform provider, with a market share of 33% of total assets at end 2009. Parent company Old Mutual says it is currently undertaking a significant operational efficiency drive in the UK, while it will also look to enhance new product offerings by using its South African technology resources. The group says it i...