Standard and Life boosts Asia and emerging markets business
Assets under administration jumped 18% to £262m.
According to a release, Standard Life's Asia and Emerging Markets business continue to drive growth in 2H. It announced transition of further shared functions to Hong Kong bringing more of its people closer to customer.
Also, Assets Under Administration (AUA) in the wholly owned businesses increased by 18% to £262m benefiting from demand for its Harvest Wealth product launched in late 2012.
AUA in the joint ventures increased by 7% to £1.6bn, due to net inflows of £0.1bn. Its business in Hong Kong is also ranked No.3 in the investment linked market including No.1 in the broker and IFA channel.
Furthermore, Standard and Life began to write new business in Singapore and Dubai with terms of business agreed with 37 adviser firms and sales of £29m.
Alan Armitage, CEO, Asia and Emerging Markets, said:
“We are pleased with the performance of our Asia and Emerging Markets business in the first half of this year, and we believe that we have the foundations in place to drive future growth.
The transition of our Asia and Emerging Markets operations from Edinburgh to Hong Kong is expected to be completed by September this year.
The establishment of a dedicated regional hub in Asia brings us closer to the local markets and customers, allowing us to better leverage our expertise in quality long-term savings and investments solutions.”
