This was due to strong sales of £2.8bn on the Skandia Investment Solutions platform.

Platform sales were up seven per cent from £2.6bn in the same period of 2010. These now account for 82 per cent of Skandia UK sales.

Gross sales were up four per cent to £3.4bn from £3.3bn in the same period of 2010.

Funds under management also increased by four per cent to £35.3bn compared to £33.9bn at the end of 2010.

Skandia says it is well-positioned to benefit from the implementation of the RDR in 2013.  It is also prepared to adopt a new charging structure of either cash or unit rebates in response to the Financial Services Authority’s decision on platform rebates.

Peter Mann, chief executive at Skandia, said: “The customer benefits of platforms are increasingly being recognised as well as the efficiencies they deliver to financial advisers and this positive trend is further fuelling our growth in net sales and funds under management.

“We are supportive of the way the FSA’s platform consultation is progressing and are pleased with the confirmation that it remains minded to ban cash rebates. We believe this is in the best interest of customers but we are ready to implement either cash or unit rebates depending on the FSA’s final decision.”