TIDMSL.
RNS Number : 6137L
Standard Life plc
29 April 2015
Standard Life plc
2015 Q1 AUA and flows update
29 April 2015
Strong demand and investment performance driving growth
-- Assets under administration(1) up 5% to GBP311.9bn driven by
strong net inflows and positive market movements
-- Particularly strong third party net inflows and investment
performance driving 5% increase in Standard Life Investments total
AUM to GBP258.4bn:
o Third party net inflows (excl. strategic partner life
business) of GBP3.7bn
o 73% of net inflows(2) from outside the UK as we continue to
expand our global reach
o Third party AUM(3) funds ahead of benchmark over 1 year: 73%;
3 years: 94%; and 5 years: 89%
-- Continued momentum in our UK business with retail and
workplace fee AUA up 6% to GBP108.5bn driven by net inflows of
GBP1.5bn into our retail new and workplace propositions and
positive market movements:
o Wrap platform, including GBP1bn of net inflows (up 16%),
driving growth in retail new AUA to GBP40bn
o Regular contributions into workplace pensions up 16%
year-on-year with AUA now GBP34bn
o Added 60,000 new savers through auto enrolment, 620,000 since
auto enrolment began
David Nish, Chief Executive, commented:
"Standard Life has made a good start to 2015 benefiting from
strong investment markets as we continue to focus on providing
value for our customers, clients and shareholders. We have
increased the assets that we administer on behalf of our customers
to GBP312bn helped by strong demand for our propositions. We
completed the disposal of our Canadian business and returned
GBP1.75bn of value to shareholders.
"Standard Life Investments now actively manages almost GBP260bn
of assets across the globe driven by consistently strong investment
performance and particularly strong third party net inflows,
benefiting from high demand for our leading suite of multi-asset
investment solutions. We are continuing to see the benefits of our
expanding distribution capabilities and strategic relationships
with 73% of net inflows from outside the UK and 70% of net inflows
through the wholesale channel.
"Our UK fee based propositions continue to build momentum. Our
Wrap platform saw record quarterly net inflows and in our workplace
business regular contributions were up 16% year-on-year as we
continue to see demand for our auto enrolment solutions, with a
further 60,000 savers joining schemes we administer. The strength
of our propositions, investment solutions and market positioning
means we are well placed to deal with the new pensions regulations
and to support customers as saving for their futures becomes
increasingly front of mind.
"In Europe we continue to increase focus on unit linked business
in Germany while in Asia we welcome the changes to foreign direct
investment limits in India.
"We remain very well positioned to deliver ongoing growth. We
have the products, expertise and proven investment performance to
help our customers and clients to save and invest, so that they can
look forward to their financial futures with confidence."
Unless otherwise stated, all figures are reported
on a continuing basis(1) for the three months ended 31 March
2015
Assets and flows
Group assets under administration - three months ended 31 March
2015
Closing
Opening Market AUA at
AUA at Gross Net and other 31 Mar
1 Jan 2015 flows Redemptions flows movements 2015
---
Fee
(F)
Spread/risk
(S/R)
Other
(O) GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn
------------------------------ ----------------- ------------ ------- ------------ ------- ----------- --------
Total fee 268.6 10.4 (7.4) 3.0 10.7 282.3
Total spread/risk 16.1 0.1 (0.3) (0.2) 0.6 16.5
Total other 11.9 0.2 (0.1) 0.1 1.1 13.1
----------------------------------- ------------ ------------ ------- ------------ ------- ----------- --------
Total AUA 296.6 10.7 (7.8) 2.9 12.4 311.9
----------------------------------- ------------ ------------ ------- ------------ ------- ----------- --------
By business:
Standard Life Investments
Third party (excl. strategic
partner life business) 117.5 7.9 (4.2) 3.7 4.2 125.4
Third party strategic
partner life business 43.8 - (1.3) (1.3) 2.2 44.7
------------------------------------------------- ------------ ------- ------------ ------- ----------- --------
Standard Life Investments
total third party F 161.3 7.9 (5.5) 2.4 6.4 170.1
----------------------------------- ------------ ------------ ------- ------------ ------- ----------- --------
UK
UK retail new fee business 37.3 1.6 (0.7) 0.9 1.7 39.9
UK retail old fee business 33.5 0.2 (0.7) (0.5) 1.6 34.6
Workplace(4) 32.0 1.0 (0.4) 0.6 1.4 34.0
----------------------------------- ------------ ------------ ------- ------------ ------- ----------- --------
UK retail and workplace(4)
fee F 102.8 2.8 (1.8) 1.0 4.7 108.5
----------------------------------- ------------ ------------ ------- ------------ ------- ----------- --------
Conventional with profits F 2.1 - (0.2) (0.2) - 1.9
Annuities S/R 15.5 0.1 (0.3) (0.2) 0.6 15.9
Assets not backing products O 7.7 - - - 0.7 8.4
----------------------------------- ------------ ------------ ------- ------------ ------- ----------- --------
UK total 128.1 2.9 (2.3) 0.6 6.0 134.7
----------------------------------- ------------ ------------ ------- ------------ ------- ----------- --------
Europe
Fee F 17.2 0.6 (0.3) 0.3 0.5 18.0
Spread/risk S/R 0.6 - - - - 0.6
----------------------------------- ------------ ------------ ------- ------------ ------- ----------- --------
Europe total 17.8 0.6 (0.3) 0.3 0.5 18.6
----------------------------------- ------------ ------------ ------- ------------ ------- ----------- --------
UK and Europe total 145.9 3.5 (2.6) 0.9 6.5 153.3
----------------------------------- ------------ ------------ ------- ------------ ------- ----------- --------
Asia and Emerging Markets
Wholly owned F 0.4 - - - 0.1 0.5
Joint ventures O 2.1 0.2 (0.1) 0.1 0.1 2.3
----------------------------------- ------------ ------------ ------- ------------ ------- ----------- --------
Asia and Emerging Markets
total 2.5 0.2 (0.1) 0.1 0.2 2.8
----------------------------------- ------------ ------------ ------- ------------ ------- ----------- --------
Other corporate assets O 2.5 - - - 0.3 2.8
Consolidation and eliminations(5) F/O (15.6) (0.9) 0.4 (0.5) (1.0) (17.1)
----------------------------------- ------------ ------------ ------- ------------ ------- ----------- --------
Group AUA - continuing
operations 296.6 10.7 (7.8) 2.9 12.4 311.9
----------------------------------- ------------ ------------ ------- ------------ ------- ----------- --------
Standard Life Investments assets under management - three months
ended 31 March 2015
Opening Closing
AUM at Market AUM at
1 Jan Gross Net and other 31 Mar
2015 flows Redemptions flows movements 2015
GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn
----------- ------------------ --------------- ---------- ------ ------------ ------- ---------- -------
Third
party AUM
(excl.
Strategic
partner
life
business) UK 75.5 3.8 (2.8) 1.0 3.6 80.1
-----------
Europe 11.3 1.6 (0.4) 1.2 (0.4) 12.1
North America 8.1 1.1 (0.3) 0.8 0.6 9.5
Asia Pacific 2.0 0.4 (0.2) 0.2 0.2 2.4
India 6.1 0.5 - 0.5 (0.1) 6.5
Ignis 14.5 0.5 (0.5) - 0.3 14.8
-------------------- ------------------------- ---------- ------ ------------ ------- ---------- -------
By geography of client 117.5 7.9 (4.2) 3.7 4.2 125.4
--------------------------------------------------- ------ ------ ------------ ------- ---------- -------
Equities 15.5 0.6 (0.7) (0.1) 1.2 16.6
Fixed income 22.0 1.2 (0.8) 0.4 0.3 22.7
Multi-asset(6) 38.6 4.3 (1.6) 2.7 2.6 43.9
Real estate 7.4 0.2 (0.1) 0.1 0.2 7.7
MyFolio 5.9 0.6 (0.2) 0.4 0.3 6.6
Other(7) 13.6 0.5 (0.3) 0.2 (0.7) 13.1
Ignis(8) 14.5 0.5 (0.5) - 0.3 14.8
-------------------- --------------- -------------------- ------ ------------ ------- ---------- -------
By asset class 117.5 7.9 (4.2) 3.7 4.2 125.4
--------------------------------------------------- ------ ------ ------------ ------- ---------- -------
Wholesale(9) 35.5 4.5 (1.9) 2.6 1.1 39.2
Institutional 61.4 2.7 (1.6) 1.1 2.5 65.0
Wealth 6.1 0.2 (0.2) - 0.3 6.4
Ignis 14.5 0.5 (0.5) - 0.3 14.8
----------------------------------------- ---------------- ------ ------------ ------- ---------- -------
By channel 117.5 7.9 (4.2) 3.7 4.2 125.4
--------------------------------------------------- ------ ------ ------------ ------- ---------- -------
Standard Life Group 84.6 0.9 (1.4) (0.5) 4.2 88.3
Phoenix Group 43.8 - (1.3) (1.3) 2.2 44.7
----------------------------------------- ---------------- ------ ------------ ------- ---------- -------
Strategic partner life
business AUM 128.4 0.9 (2.7) (1.8) 6.4 133.0
----------------------------------------- ---------------- ------ ------------ ------- ---------- -------
AUM - continuing operations 245.9 8.8 (6.9) 1.9 10.6 258.4
----------------------------------------- ---------------- ------ ------------ ------- ---------- -------
For further information please contact:
Institutional Equity Investors Retail Equity Investors
0131 245 8028 / 07515 Capita Asset
Jakub Rosochowski* 298 608 Services* 0845 113 0045
0131 245 6466 / 07711
Neil Longair* 357 595
0131 245 2176 / 07525
Chris Stewart* 149 377
Media Debt Investors
0131 245 1365 / 07702
Steve Hartley* 934 651 Stephen Percival* 0131 245 1571
0131 245 2737 / 07515
Nicki Lundy* 298 302 Nick Mardon* 0131 245 6371
Tulchan Communications 020 7353 4200
* Calls may be monitored and/or recorded to protect both you and
us and help with our training. Call charges will vary.
Newswires and online publications
A conference call for newswires and online publications will
take place on Wednesday 29 April at 07:30 (UK time). Participants
should dial +44 (0)20 3059 8125 and quote Standard Life Q1 AUA and
flows update. A replay facility will be available for seven days.
To access the replay please dial +44 (0)121 260 4861 and use pass
code 0594829#.
Investors and Analysts
A conference call for analysts and investors will take place on
Wednesday 29 April at 09:00 (UK time). Participants should dial +44
(0)20 3059 8125 and quote Standard Life Q1 AUA and flows update. A
replay facility will be available for seven days. To access the
replay please dial +44 (0)121 260 4861. The pass code is
0595163#.
There will also be a live audiocast at the same time with the
facility to ask questions.
Notes to Editors
1 Continuing operations excludes the Canadian business assets
sold on 30 January 2015 (GBP32.8bn).
2 Excluding strategic partner life business.
3 Excluding strategic partner life business and Ignis.
4 In the 3 months to 31 March 2015, UK corporate assets have been renamed as workplace.
5 Certain products are included in both Group AUA and Standard
Life Investments third party AUM. Therefore, at a Group level an
elimination adjustment is required to remove any duplication, in
addition to other necessary consolidation adjustments. Comprises
GBP16.7bn (FY 2014: GBP15.2bn) related to fee business eliminations
and GBP0.4bn (FY 2014: GBP0.4bn) related to other eliminations.
6 Comprises suite of global absolute return strategies and balanced funds.
7 Comprises cash, private equity and Wealth. Net inflows from
India cash funds GBP0.2bn (Q1 2014: net outflow GBP0.1bn).
8 Net inflows from Ignis liquidity funds GBP0.3bn (Q1 2014: GBPnil).
9 India cash funds were reclassified as Wholesale in the year to 31 December 2014.
Supplementary information
Group assets under administration net flows - 15 months ended 31
March 2015
Fee (F) 3 months 3 months 3 months 3 months 3 months
Spread/risk to to to to to
(S/R) 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar
2015 2014 2014 2014 2014
Other
(O) GBPbn GBPbn GBPbn GBPbn GBPbn
----------------------------------- -------------- --------- --------- --------- --------- ---------
Total fee 3.0 (3.1) 0.2 2.3 2.3
Total spread/risk (0.2) (0.3) (0.2) (0.2) (0.2)
Total other 0.1 0.1 - - 0.1
--------------------------------------------------- --------- --------- --------- --------- ---------
Total net flows 2.9 (3.3) - 2.1 2.2
--------------------------------------------------- --------- --------- --------- --------- ---------
By business:
Standard Life Investments
Third party (excl. strategic
partner life business) 3.7 (2.9) 0.6 2.1 1.9
Third party strategic
partner life business (1.3) (0.9) (0.7) - -
--------------------------------------------------- --------- --------- --------- --------- ---------
Standard Life Investments
total third party F 2.4 (3.8) (0.1) 2.1 1.9
----------------------------------- -------------- --------- --------- --------- --------- ---------
UK
UK retail new fee business 0.9 0.8 0.6 0.7 0.8
UK retail old fee business (0.5) (0.5) (0.6) (0.5) (0.6)
Workplace(4) 0.6 0.6 0.7 0.4 0.5
--------------------------------------------------- --------- --------- --------- --------- ---------
UK retail and workplace(4)
fee F 1.0 0.9 0.7 0.6 0.7
----------------------------------- -------------- --------- --------- --------- --------- ---------
Conventional with profits F (0.2) (0.3) (0.2) (0.3) (0.2)
Annuities S/R (0.2) (0.3) (0.2) (0.2) (0.2)
Assets not backing products O - - - - -
----------------------------------- -------------- --------- --------- --------- --------- ---------
UK total 0.6 0.3 0.3 0.1 0.3
--------------------------------------------------- --------- --------- --------- --------- ---------
Europe
Fee F 0.3 0.3 0.2 0.3 0.3
Spread/risk S/R - - - - -
----------------------------------- -------------- --------- --------- --------- --------- ---------
Europe total 0.3 0.3 0.2 0.3 0.3
--------------------------------------------------- --------- --------- --------- --------- ---------
UK and Europe total 0.9 0.6 0.5 0.4 0.6
--------------------------------------------------- --------- --------- --------- --------- ---------
Asia and Emerging Markets
Wholly owned F - - 0.1 - -
Joint ventures O 0.1 0.1 - - 0.1
----------------------------------- -------------- --------- --------- --------- --------- ---------
Asia and Emerging total 0.1 0.1 0.1 - 0.1
--------------------------------------------------- --------- --------- --------- --------- ---------
Other corporate assets O - - - - -
Consolidation and eliminations(5) F/O (0.5) (0.2) (0.5) (0.4) (0.4)
Group net flows - continuing
operations 2.9 (3.3) - 2.1 2.2
--------------------------------------------------- --------- --------- --------- --------- ---------
Standard Life Investments assets under management net flows - 15
months ended 31 March 2015
3 months 3 months 3 months 3 months 3 months
to to to to to
31 Mar 31 Dec 30 Sep 30 Jun 31 Mar
2015 2014 2014 2014 2014
GBPbn GBPbn GBPbn GBPbn GBPbn
----------------------- -------------------------------- ----------- --------- --------- --------- ---------
Third party net flows
(excl. Strategic
partner life
business) UK 1.0 0.4 (0.3) 1.4 0.4
-----------------------
Europe 1.2 0.5 0.2 0.1 0.5
North America 0.8 0.3 0.1 0.4 0.7
Asia Pacific 0.2 0.1 0.2 - 0.1
India 0.5 0.3 0.2 0.2 0.2
Ignis - (4.5) 0.2 - -
-------------------------------------------------------- ----------- --------- --------- --------- ---------
By geography of client 3.7 (2.9) 0.6 2.1 1.9
------------------------------------------------------------- ------ --------- --------- --------- ---------
Equities (0.1) (1.0) (0.5) - 0.2
Fixed income 0.4 - (0.9) (0.1) -
Multi-asset(6) 2.7 1.4 1.0 1.4 1.3
Real estate 0.1 0.3 0.2 0.2 -
MyFolio 0.4 0.5 0.3 0.4 0.4
Other(7) 0.2 0.4 0.3 0.2 -
Ignis(8) - (4.5) 0.2 - -
-------------------------------------------------------- ----------- --------- --------- --------- ---------
By asset class 3.7 (2.9) 0.6 2.1 1.9
--------------------------------------------------------- ---------- --------- --------- --------- ---------
Wholesale(9) 2.6 1.5 1.2 1.1 1.4
Institutional 1.1 0.1 (0.8) 0.9 0.6
Wealth - - - 0.1 (0.1)
Ignis - (4.5) 0.2 - -
-------------------------------------------------------- ----------- --------- --------- --------- ---------
By channel 3.7 (2.9) 0.6 2.1 1.9
------------------------------------------------------------- ------ --------- --------- --------- ---------
Standard Life Group (0.5) (0.5) (0.8) (0.7) (0.4)
Phoenix Group (1.3) (0.9) (0.7) - -
------------------------------------------------------------- ------ --------- --------- --------- ---------
Strategic partner life business
net flows (1.8) (1.4) (1.5) (0.7) (0.4)
------------------------------------------------------------- ------ --------- --------- --------- ---------
Asset management net flows -
continuing operations 1.9 (4.3) (0.9) 1.4 1.5
--------------------------------------------------------- ---------- --------- --------- --------- ---------
Group assets under administration - three months ended 31 March
2014
Opening Closing
AUA at Market AUA at
1 Jan Gross Net and other 31 Mar
2014 flows Redemptions flows movements 2014
Fee (F)
Spread/risk
(S/R)
Other
(O) GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn
------------------------------- ------------------ -------- ------- ------------ ------- ----------- --------
Total fee 190.7 6.8 (4.5) 2.3 0.9 193.9
Total spread/risk 15.1 0.1 (0.3) (0.2) 0.3 15.2
Total other 8.9 0.1 - 0.1 - 9.0
------------------------------------- ------------ -------- ------- ------------ ------- ----------- --------
Total AUA 214.7 7.0 (4.8) 2.2 1.2 218.1
------------------------------------- ------------ -------- ------- ------------ ------- ----------- --------
By business:
Standard Life Investments
Third party (excl. strategic
partner life business) 89.8 5.3 (3.4) 1.9 0.8 92.5
Third party strategic
partner life business - - - - - -
-------------------------------- ----------------- -------- ------- ------------ ------- ----------- --------
Standard Life Investments
total third party F 89.8 5.3 (3.4) 1.9 0.8 92.5
------------------------------------- ------------ -------- ------- ------------ ------- ----------- --------
UK
UK retail new fee business 33.8 1.6 (0.8) 0.8 0.3 34.9
UK retail old fee business 33.5 0.2 (0.8) (0.6) 0.2 33.1
Workplace(4) 29.2 0.9 (0.4) 0.5 (0.2) 29.5
------------------------------------- ------------ -------- ------- ------------ ------- ----------- --------
UK retail and workplace(4)
fee F 96.5 2.7 (2.0) 0.7 0.3 97.5
------------------------------------- ------------ -------- ------- ------------ ------- ----------- --------
Conventional with profits F 2.9 - (0.2) (0.2) - 2.7
Annuities S/R 14.6 0.1 (0.3) (0.2) 0.2 14.6
Assets not backing products O 5.7 - - - - 5.7
------------------------------------- ------------ -------- ------- ------------ ------- ----------- --------
UK total 119.7 2.8 (2.5) 0.3 0.5 120.5
------------------------------------- ------------ -------- ------- ------------ ------- ----------- --------
Europe
Fee F 14.9 0.6 (0.3) 0.3 0.4 15.6
Spread/risk S/R 0.5 - - - 0.1 0.6
------------------------------------- ------------ -------- ------- ------------ ------- ----------- --------
Europe total 15.4 0.6 (0.3) 0.3 0.5 16.2
------------------------------------- ------------ -------- ------- ------------ ------- ----------- --------
UK and Europe total 135.1 3.4 (2.8) 0.6 1.0 136.7
------------------------------------- ------------ -------- ------- ------------ ------- ----------- --------
Asia and Emerging Markets
Wholly owned F 0.3 - - - - 0.3
Joint ventures O 1.6 0.1 - 0.1 - 1.7
------------------------------------- ------------ -------- ------- ------------ ------- ----------- --------
Asia and Emerging total 1.9 0.1 - 0.1 - 2.0
------------------------------------- ------------ -------- ------- ------------ ------- ----------- --------
Other corporate assets O 2.0 - - - - 2.0
Consolidation and eliminations(5) F/O (14.1) (1.8) 1.4 (0.4) (0.6) (15.1)
Group AUA - continuing
operations 214.7 7.0 (4.8) 2.2 1.2 218.1
------------------------------------- ------------ -------- ------- ------------ ------- ----------- --------
Standard Life Investments assets under management - three months
ended 31 March 2014
Opening Closing
AUM at Market AUM at
1 Jan Gross Net and other 31 Mar
2014 flows Redemptions flows movements 2014
GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn
----------- ------------------ --------------- ---------- ------ ------------ ------- ---------- -------
Third
party AUM
(excl.
Strategic
partner
life
business) UK 68.3 3.2 (2.8) 0.4 0.5 69.2
-----------
Europe 10.4 0.8 (0.3) 0.5 (0.2) 10.7
North America 5.2 0.9 (0.2) 0.7 0.5 6.4
Asia Pacific 1.8 0.2 (0.1) 0.1 (0.1) 1.8
India 4.1 0.2 - 0.2 0.1 4.4
Ignis - - - - - -
-------------------- ------------- ---------- ------ ------------ ------- ---------- -------
By geography of client 89.8 5.3 (3.4) 1.9 0.8 92.5
--------------------------------------------------- ------ ------ ------------ ------- ---------- -------
Equities 15.1 0.8 (0.6) 0.2 0.1 15.4
Fixed income 20.2 0.7 (0.7) - 0.2 20.4
Multi-asset(6) 31.4 2.9 (1.6) 1.3 0.1 32.8
Real estate 6.1 0.2 (0.2) - 0.2 6.3
MyFolio 4.0 0.5 (0.1) 0.4 - 4.4
Other(7) 13.0 0.2 (0.2) - 0.2 13.2
Ignis(8) - - - - - -
-------------------- --- -------------------- ------ ------------ ------- ---------- -------
By asset class 89.8 5.3 (3.4) 1.9 0.8 92.5
--------------------------------------------------- ------ ------ ------------ ------- ---------- -------
Wholesale(9) 28.9 3.2 (1.8) 1.4 (0.1) 30.2
Institutional 55.1 2.0 (1.4) 0.6 0.8 56.5
Wealth 5.8 0.1 (0.2) (0.1) 0.1 5.8
Ignis - - - - - -
----------------------------- ---------------- ------ ------------ ------- ---------- -------
By channel 89.8 5.3 (3.4) 1.9 0.8 92.5
--------------------------------------------------- ------ ------ ------------ ------- ---------- -------
Standard Life Group 80.3 1.3 (1.7) (0.4) 0.8 80.7
Phoenix Group - - - - - -
----------------------------- ---------------- ------ ------------ ------- ---------- -------
Strategic partner life
business AUM 80.3 1.3 (1.7) (0.4) 0.8 80.7
----------------------------------------- ---------------- ------ ------------ ------- ---------- -------
AUM - continuing operations 170.1 6.6 (5.1) 1.5 1.6 173.2
----------------------------------------- ---------------- ------ ------------ ------- ---------- -------
This information is provided by RNS
The company news service from the London Stock Exchange
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