Standard Life’s assets under management rose 38% to nearly GBP300 billion (USD460 billion) last year as it benefited from rising financial markets and its acquisition of a rival fund manager.
The investment manager reported that it also gained 340,000 new customers in the UK in the year to 31 December, helped by new government rules that automatically enrol workers in pension schemes unless they opt out.
Total revenue from fees rose 14% to £1.4 billion in the year, including fees from its acquisition of Ignis Asset Management. Pretax profit rose 19% to GBP604 million. Assets under management were GBP296.6 billion at Dec. 31, up from GBP214.7 billion a year earlier.
The company declared a final dividend of 17.03 pence, an increase of 8% on 2013. The company sold its Canadian operations during the year, which it said enables it to hand back GBP1.75 billion for shareholders.
"We are also well positioned to deal with the far-reaching reforms to the savings and retirement income rules in the UK," says Chief Executive David Nish.
The company also announced that one of its non-executive directors, David Grigson, will leave the board in May, concluding six years as a director.