March 14 (Bloomberg) -- Standard Life Investments, the fund-management unit of Scotland’s biggest insurer, said the assets it manages on behalf of other parties rose to 50 percent of the firm’s total on inflows from North America and Asia.
So-called third-party assets have grown from 9.4 percent of the firm’s funds in 1998, while overall assets have almost tripled since then to 167.7 billion pounds ($250 million) as of the end of 2012, the Edinburgh-based unit of Standard Life Plc said today in a statement. The rest of the fund manager’s assets come from Standard Life’s insurance unit.
“It’s an important milestone in terms of clients voting with their feet and bringing assets to Standard Life Investments and the importance within the group,” Chief Executive Officer Keith Skeoch said in a telephone interview today.
Some 70 percent of the third-party funds come from institutions and pension funds, while the rest is from retail investors, Skeoch said. The company won a $600 million mandate from a teachers’ pension fund in Illinois last year for its 21 billion-pound global absolute return strategy fund, he said.
Standard Life Investments aims to “broaden and deepen” its relationships with distributors in Asia over the next few years, aiming for the region to make up as much as a quarter of net inflows, Skeoch said.
To contact the reporter on this story: Kevin Crowley in London at firstname.lastname@example.org
To contact the editor responsible for this story: Edward Evans at email@example.com;