Institutional sales almost halved last year at the UK business of Aegon Asset Management, the Edinburgh-based funds arm of the Dutch insurance group, as the number of mandate wins fell.

Sales had fallen by 48% to £374m (€600m) by the end of 2006, when compared to the previous year. The firm said this was because three large institutional mandates were won in 2005, compared to two major contracts in 2006.