Standard Life sees net outflows in UK retail business

UK retail assets under administration at the group, which includes Standard Life Wealth and Investments as well as the firm's wrap platform, ended the year up £4.6bn at £60.4bn, owing to a £4.9bn positive market movement. However, gross flows of £6bn could not match £6.3bn of redemptions, meaning the firm actually suffered net outflows of £300m for 2012. The figures are in contrast to 2011, where net inflows stood at £900m. The firm blamed the figures on "subdued consumer sentiment, ongoing economic uncertainty and increased commission-based competition prior to the Retail Distribu...