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Markets rock Royal London
LIFE and pensions firm Royal London yesterday blamed “difficult” market conditions for a 10 per cent drop in its new life and pensions business.
Sales in the division fell to £761m in the three months to the end of March compared to £843m for the same period last year.
Its fund management division, Royal London Asset Management, also suffered, with £495m of net outflows in the period, compared to a £113m inflow in 2011.
The fund manger said the decrease was largely due to two clients reducing their exposure to fixed interest assets.