Funds under management across Royal London increased 2% to £44.9bn in the first half of 2012, the company reported in its interim results.
This was despite a net new business falling from £583m at the end of June last year, to outflows of £310m in the first six months of 2012.
Group chief executive Phil Loney described the company as trading “robustly” in a flat economy, as its asset management division announced a record level of funds under management, up to £45bn from £44bn at the end of last year.
This reflects in part the ongoing growth of RLAM’s institutional business.
The results also show a significant uplift of advisory firms joining the firm’s wrap platform Ascentric where assets under administration are now well over £4bn, an increase of 16% since the end of 2011.
The firm has recently won a number of new mandates from a range of clients and Loney said he expects significant inflows over the remainder of the year.
Net new business onto the platform, however, fell from £740.6m to £586.7m over the period.
“We have increased our capital position under all measures, enabling us to grow our business and provide sound financial returns to our customers and members. We have achieved this through good operating profits and investment returns,” he added.