UK's Ignis Asset Management boosted its asset under management, administration and oversight by 3 per cent to £70.7 billion ($112 billion) last year, the firm said in its annual results for 2011.

The asset manager also said that it saw net inflows of £1.7 billion in the 12 months to 31 December.

The company, formerly known as Resolution Asset Management, is a subsidiary of the Phoenix Group. Phoenix said in the annual results that AuM was a key driver behind its final operating profit of £387 million, up from £373 million in 2010.

Earlier this month, Ignis made its head of strategic alliance, Nick Pogmore, redundant, and confirmed that up to 20 positions in London and Glasgow were also in jeopardy as a result of a “strategic change”.