Skandia funds under management hit £35.6bn in Q1

The company said funds under management increased from £33.5bn at the end of December to £35.6bn, an increase of 6%. However, net sales slipped 50% to £0.3bn, down from £0.6bn in the first quarter of 2011. Gross sales also fell from £1.6bn in Q1 2011 to £1.4bn in the first three months of 2012 - a 12% decline. Meanwhile, the Skandia investment solutions platform saw an increase in funds under management to £20bn, while net client cash flow was £0.5bn.