Skandia sees profits jump to £10m as WealthSelect assets hit £1bn

clock

Old Mutual Wealth's soon to be re-branded Skandia platform today reported profits had jumped 400% in the first half of 2014 to £10m, while assets in its recently-launched WealthSelect range hit £1bn.

Parent group Old Mutual, reporting its results for the first half of 2014, said profits for its UK platform arm had jumped 400% from £2m. Increasing sales of the group's investment solutions such as WealthSelect and its Spectrum range - have driven up profits for the platform as their sales feed into its own profits. Having launched WealthSelect - the creation of which was first revealed by Professional Adviser's sister title Investment Week - in February, the group said it has now grown to over £1bn in funds under management, with net inflows of £160m in the first half of the year. ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Wrap/platforms

Adviser platform assets up to £616.2bn in 2024

Adviser platform assets up to £616.2bn in 2024

Strong advised platform new business throughout 2024

Jenna Brown
clock 19 March 2025 • 3 min read
Aberdeen's Kenny: 'We need to get our flows into positive territory'

Aberdeen's Kenny: 'We need to get our flows into positive territory'

CDO on service, technology and ‘moving the dial’

Isabel Baxter
clock 13 March 2025 • 4 min read
Platform innovation: Terry Huddart on Abrdn's Cash Solution

Platform innovation: Terry Huddart on Abrdn's Cash Solution

'I see this as another positive market development'

Terry Huddart
clock 27 February 2025 • 5 min read