SLI inflows hit with 40% fall

Standard Life Investments saw its third party net inflows fall by 40% in the first half following the transfer of its money market funds, although group-wide AUM edged up.

SLI saw third party net inflows of £2.9bn in the six months to 30 June, down from £4.7bn in the first half of 2010. The group said strong net inflows, as well as the impact of positive market movements, were offset by outflows on the transfer of money market funds to Deutsche Asset Management, which reduced assets by £4bn. The £2.9bn net sales were driven by demand for higher margin wholesale, Global Absolute Return Strategies (GARS) and real estate products, partly offset by outflows from UK segregated funds, SLI said. The SICAV range, predominantly sold in Europe, saw sales up by...