Royal London operating profit rises 16% in H1 2023

investmentweek.co.uk:

Barry O'Dwyer (pictured) is group CEO of Royal London

The group's assets under management increased to £153bn from £147bn at the end of 2022, with net inflows rising to £3.2bn from £2.5bn. Net inflows were largely boosted by external flows into its global equity strategies, the firm said.

RLAM's Jonathan Platt steps down from £1bn corporate bond fund

The company's flagship Governed range was a standout for the six months, attracting £1.7bn in net inflows, with AUM reaching £56bn.

The asset management arm has continued to focus on diversifying its investment strategies and international growth, with Royal London securing its first client mandates in Japan over the six-month period.

Investment performance of actively managed funds over three years remained strong «despite difficult market conditions», it said, with 95% of strategies outperforming their three-year benchmark, compared to 80% during the same period last year.

Barry O'Dwyer, group CEO of Royal London, said the 25% growth in net inflows, alongside «continued cost discipline», has helped the group achieve a 16% rise in operating profit.

Royal London operating profits jump 58% following 'simplification'

He added: «As many of our customers continue to come to terms with the increased cost of living and higher interest rates, our priority has been to help them navigate these challenges, while building their long-term financial resilience.

»In April, we shared £155m ProfitShare with more than two million members, and the 120,000 new workplace pensions customers we have welcomed since the start of the year all became members and are eligible for future ProfitShare allocations.

«Our mutual mindset of continually focusing on delivering positive enduring change for