'Outstanding' year for SLI funds

STANDARD Life Investments (SLI) saw its total funds under management jump by 8.5 per cent last year to £143.4 billion while net sales grew by 23 per cent to £7.9bn.

The fund management business also boosted the amount of funds it manages on behalf of third parties by 24 per cent to £47.7bn.

Chief executive Keith Skeochsaid it had been an "outstanding year" for SLI. He added: "It's pleasing that we have been able to deliver record results against a background of volatile markets and a global credit crunch."

Mr Skeoch said the first half of 2008 was shaping up to be "challenging" for retail sales. But there was "no evidence" that institutional sales, up by 18 per cent last year to £3.9bn, would be materially affected.