Platform assets at Standard Life rise 26% in 2014
Standard Life announced this morning that its wrap platform assets under administration rose by 26% in 2014.
The increase means it has reached £20.9bn, and the wrap is now used by 1,340 adviser firms with nearly 20% (259) holding assets of greater than £20m on the platform.
The firm also announced today it added over 340,000 new customers in the UK through auto enrolment and secured over 1,300 new corporate schemes. It now looks after 1.6m workplace customers with over 560,000 joiners since the start of auto enrolment.
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UK corporate net inflows increased by 10% to £2.2bn (2013: £2.0bn) reflecting the securing new schemes and the impact of auto enrolment which drove a 16% increase in regular contributions.
Standard Life Investments revenue increased by 33% to £686m (2013: £514m), which included a 43% increase in revenue from third party assets to £557m (2013: £390m).
Operating profit before tax from continuing operations was up 19% to £604m.
Regarding the wrap performance, David Tiller, head of adviser platform propositions said: "I am absolutely delighted that Standard Life Wrap has reached such a milestone. We are fortunate to work with a large number of the UKs leading advisers whose input has helped us to develop a platform that can support the increasingly sophisticated solutions their clients need.
"That assets have increased by over 25% in a single year is evidence that the firms using our platform have had a very successful 2014. Our focus now is to support them in helping more clients maximise the opportunities arising from the upcoming pension freedom changes."
David Nish, chief executive, said of the overall year's work and performance: "We have made good strategic progress during the year with the acquisition of Ignis Asset Management and the sale of our Canadian operations increasing focus on fee business and enabling a £1.75bn return to shareholders.
"We are also well positioned to deal with the far-reaching reforms to the savings and retirement income rules in the UK and to support customers through these changes.
"Although investment markets are unsettled and may affect the near-term pace of asset and revenue growth, we are very well placed for the future."