Skandia makes £2m profit in 2012 but OMGI gains shrink

Skandia, one of the UK's largest platforms, has reported a £2m profit in 2012 following a surge in funds under management.

The platform, part of Old Mutual Wealth and soon to be renamed, saw assets climb 20% to total £22.6bn, up from £18.8bn at the end of 2011. This helped it achieve an adjusted operating profit of £2m, the group said, reversing a loss of £4m in 2011. In total Old Mutual Wealth's core business now has assets of £50.5bn, up from £45.2bn, when international business and money within Old Mutual Global Investors (OMGI) are added to funds on the Skandia platform. Including its European operations, Old Mutual Wealth grew assets by 10% to £69.2bn, although over half of this gain was down to m...