Royal London Asset Management (RLAM), the asset management unit of Royal London, has registered gross inflows of £6.7bn during the year 2016, a surge of 116% compared to £3.1bn a year ago.
The inflows came from both institutional and wholesale markets, Royal London said.
The funds under management totalled £100bn at the end of 31 December 2016, an 18% increase from £85bn in 2015. The company said that the increase was partially driven by rising bond values reflecting a reduction in interest rates.
Ascentric wrap platform’s assets under administration reached £12.3bn in 2016, a 22% surge compared to £10.1bn a year ago. The business’ gross sales rose to £2.3bn during the period from £2.5bn a year earlier.
Overall, the group’s European Embedded Value (EEV) operating profit rose 16% to £282m in 2016 from £244m in the previous year. The group said that the growth was supported by strong new business profit of £223m particularly in Pensions, Consumer and RLAM.
Royal London group CEO Phil Loney said: “These results reflect the continued excellent progress of Royal London in 2016, performing well despite the backdrop of a turbulent year in politics and markets.
"It is clear from the sustained track record of growth that our strategy is working: we are delivering high-quality products and service; we are investing in our capabilities, making it easier for advisers to do business with us; and we are entering new consumer markets to offer better value where we see that the market is delivering a poor deal for consumers.”