The distraction of the Retail Distribution Review (RDR) for advisers and challenging market conditions have been blamed for a 40% dip in net inflows onto Skandia's platform in the first half of this year.
Parent company Old Mutual's interim results today revealed Skandia's UK platform net client cash flow was £1.2bn in H1, down from £2bn during the same period in 2011. Meanwhile, total gross sales on the platform were £2.2bn, down from £2.8bn in 2011. It said the fall was "reflecting a challenging market, advisers distracted by RDR and a subdued UK tax year-end". Total funds under management on the platform stood at £20.4bn by the end of the H1, compared to £18.7bn at the same point in 2011. Skandia is set to reveal its new platform pricing model later today, and the company is a...
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