Assets up to £151bn at Edinburgh’s Aegon UK

Aegon UK CEO Adrian Grace

Edinburgh-based pensions, investment and insurance firm Aegon UK said on Thursday its “platform” assets reached £107 billion and total assets under administration hit £151 billion in the second quarter.

The Edinburgh unit of Dutch giant Aegon said its earnings for the quarter were £31 million and net inflows to its platforms were £3.2 billion.

Adrian Grace, CEO of Aegon UK said: “We’ve passed the half-way point in what has been an incredibly busy year for the business but I’m pleased to say the positive momentum we reported in Q1 has continued over the last three months.

“We’ve delivered earnings of £31 million, which are up significantly on the same time last year while assets on our combined platforms have reached £107 billion.

“The platform growth is due to a combination of exceptional new business flows and buoyant stock markets and the combined platforms experienced net inflows of £3.2 billion.

“It’s clear that despite macroeconomic uncertainty, advisers are in a bullish mood and are benefiting from a demand for advice which is driving these flows.

“Last year’s deals have fundamentally transformed the scale of our operations and we now work with advisers to either manage or administer £151 billion of long-term savings for more than three million customers across the platform and workplace markets.”