Standard Life share price edges up as it posts encouraging performance against volatile market

 
Hayley Kirton
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Standard Life has seen workplace pensions work grow so far this year

Standard Life revealed today assets under administration (AUA) had crept up 2 per cent to £301.9bn in the third quarter.

Standard Life Investments, the asset management division of the Standard Life group, also announced that it had continued to expand its global reach, with 64 per cent of net inflows in the year to date coming from outside the UK.

Workplace pensions have also done well for the company: it said it's added 190,000 new customers in the year to date and 70,000 new customers in this quarter through auto enrolment, which requires employers to enrol eligible employees into a workplace pension.

Keith Skeoch, the company's chief executive, said Standard Life had performed well against a backdrop of volatile investment markets.

"We have delivered consistently strong investment performance and record third party net inflows of £10bn across our institutional and wholesale channels. The strength of our propositions has helped our Wrap platform to achieve its highest ever quarterly net inflows and regular contributions into our workplace pensions are growing strongly.

"We remain well positioned with clients and customers to deliver growth as we continue to innovate and increase collaboration across our businesses.”

Shares rose 1.1 per cent to 423.3p in late morning trading.

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