Scottish Friendly sees 147% rise in FUM

Scottish Friendly has announced that its funds under management have more than doubled, from £1,078m in 2014 to £2,660m in 2015 - a 147% rise.

Related topics:  Finance News
Rozi Jones
27th April 2016
cash banknotes money

Scottish Friendly also saw an 18% rise in total sales from £21.6m in 2014 to a record £25.5m in 2015.

The increase in funds was driven in part by the takeover of Marine & General Mutual in June 2015. The addition of almost 30,000 new members from M&GM as well as new business levels drove Scottish Friendly’s membership up by over 70,000 to a total of 490,000.

Fiona McBain, Chief Executive of Scottish Friendly, said:

“We have had a very strong year and are delighted to report that we have seen funds under management more than double to £2.7bn. The June 2015 transfer of M&GM to Scottish Friendly was a major factor in driving these numbers up and will bring significant economies of scale. 2015 was also notable for record sales, in part due to Scottish Friendly’s substantial set of corporate partnerships with the likes of Beagle Street and Smart Insurance.

“We are confident that we are in an excellent position to keep growing and to rise to future challenges. The foundations are in place for long-term success and we will continue to seek out opportunities for further growth.”

More like this
Latest from Property Reporter
Latest from Protection Reporter
CLOSE
Subscribe
to our newsletter

Join a community of over 30,000 intermediaries and keep up-to-date with industry news and upcoming events via our newsletter.