MetLife has passed the £5 billion assets under management milestone.

The UK wealth management business has seen assets under management grow fivefold in under six years; it reached the £1 billion AUM landmark at the end of November 2010.

Growth has been accelerated by its expansion into ISAs with the launch of its guaranteed stocks and shares ISA last November underlining the growing demand for guaranteed solutions.

Research among advisers shows strong demand for innovation in retirement and investment solutions to help savers deal with uncertainty; 67% of advisers want to see more solutions which can guarantee a level of income in retirement and safeguard savings against volatility.

Advisers are looking to the Financial Conduct Authority and the Treasury for support for innovation, with 54% saying they would back campaigns to outline the benefits of guaranteeing a level of income.

Dominic Grinstead, managing director at MetLife UK, said: “We have seen strong demand following pension freedoms with advisers and clients focusing on the need for certainty and flexibility.

“Guaranteed solutions are proving particularly valuable given current uncertainty but the growth in assets under management since launch in 2007 shows the strength of the market throughout different conditions.

“Achieving the £5 billion milestone highlights the need for flexible innovative solutions to challenge annuities and traditional drawdown both of which have limitations in the current market.”