Standard Life profits up 7%

Katrina Lloyd
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Standard Life's operating profit before tax increased by 7% to £425m in 2010, boosted by the uptick in markets and strong flows into funds and SIPPs.

There was a 16% increase in fee-based revenues to over £1.1bn, while group assets under administration were 16% higher at £196.8bn compared to 2009. UK fee business AUA was 15% higher at £98.6bn due to positive market movements and net inflows, which have more than doubled to £3.6bn. Net inflows into institutional pensions, mutual funds and SIPP were particularly strong, Standard Life says. Individual SIPP customers rose 28% to 107,100 compared to 83,900 at 31 December 2009. Meanwhile, customers on its wrap platform soared 80% to 57,000 (31 December 2009: 31,600) and the number of ...

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