SLI reports 67% increase in third party sales

Standard Life Investments has reported a 67% increase in net third party sales in 2009, with more than 80% coming from outside the UK.

The company says it took over £5bn in net flows across its global absolute return strategies and fixed income funds, with a strong pipeline of new business. SLI says it also benefited from its 40% stake in HDFC Asset Management, which reported assets under management of £11.4b at 31 December 2009. Meanwhile, parent company Standard Life says operating profits at its UK business dipped 23% in 2009 as a result of the "challenging" market conditions. The company says profits on a European Embedded Value (EEV) basis in the UK fell to £506m in 2009, down from £658m the previous year. Ho...