‘Strong inflows’ see Standard Life assets up 5 per cent in Q1

The firm’s latest results showed assets buoyed by net inflows of £1.5bn and “positive market movements”.

AUA increased during the first three months of 2015 from £128.1bn to £134.7bn.

Standard Life said the rise meant it was “well placed to deal with the new pensions regulations” that now allow savers to access their pension pots in any way they like.

Standard Life also said its wrap platform saw a 16 per cent increase in net inflows over the same period running to £1bn and pushing total new retail AUA to £40bn.

Annuity net inflows were down £0.2bn in line with previous quarterly periods.

Overall Standard Life’s AUA increased 5 per cent, from £296.6bn to £311.9bn in Q1.

Standard Life Investments increased its assets under management from £245.9bn to £258.4bn.

Chief executive David Nish said: “Standard Life has made a good start to 2015 benefiting from strong investment markets as we continue to focus on providing value for our customers, clients and shareholders. We have increased the assets that we administer on behalf of our customers to £312bn helped by strong demand for our propositions.

“Our UK fee based propositions continue to build momentum. Our Wrap platform saw record quarterly net inflows and in our workplace business regular contributions were up 16 per cent year-on-year as we continue to see demand for our auto enrolment solutions, with a further 60,000 savers joining schemes we administer.

“The strength of our propositions, investment solutions and market positioning means we are well placed to deal with the new pensions regulations and to support customers as saving for their futures becomes increasingly front of mind.”

Standard Life also announced that John Paynter is to retire from its board with immediate effect for health reasons.

Crawford Gillies, who is also chairman of Scottish Enterprise, has succeeded him as Senior Independent Director.

Mr Paynter has also resigned from the board of the Standard Life Investments fund management subsidiary, which he chaired.

John Devine, a non-executive director of Standard Life Investments, has been appointed as non-executive chairman of the business with immediate effect.