RLAM new business slumps 66%

Royal London Asset Management's(RLAM) net new business fell 66% to £218m for the nine months to 30 September 2011, as market volatility took its toll on sales.

The figure (which excludes cash mandates) compares to £649m for the same period in 2010. Phil Loney, group chief executive of Royal London, said: "Inevitably, asset management companies have been affected by poor investment markets, and a near term aversion to risk assets, but RLAM still achieved a good level of net inflows of funds." However, results were stronger for other parts of the business with total new life and pensions business (on a PVNBP basis) up 12% to £2,595m (2010 £2,318m). Ascentric new assets under administration rose 20% to £1,041m compared to £868m in 2010.