Standard Life shares soar after AUM hits record high

Shares in Standard Life were topping the FTSE 100 leaderboard this morning after its latest update showed assets under management(AUM)at its investment business had reached a new record.

The FTSE 100-listed insurer said Standard Life Investments' third party net inflows in Q1 had risen by 161% year on year, to £3bn, up from £1.1bn the previous year. The flows - and a positive start to 2013 for markets - lifted assets under management to a new high. The group said total AUM at SLI rose 7%, or £11.4bn, to £179.1bn in the first quarter of 2013. While some of the increase was down to market movements, investors were nonetheless impressed, with shares up by nearly 7% this morning, before they settled slightly lower. By 10:30am shares in the group were up 5.3% or 18.6...