Financial Results

Ascentric Hits £3 Billion AuA Milestone

Joseph Milton London 17 May 2011

Ascentric Hits £3 Billion AuA Milestone

The UK-based independent wrap platform Ascentric has passed the £3 billion ($4.9 billion) milestone in assets under administration.

Ascentric saw a 72 per cent increase in new assets for the first quarter of this year, its most successful period of growth. The firm says its success has been driven by the support of its strategic accounts and advisor firms.

“The platform is going from strength to strength and we are proud to have reached another milestone in the continuing development of the company,” said Hugo Thorman, managing director at Ascentric. “With RDR continuing to fuel platform market growth, I firmly believe we are well set to grow our share of an increasingly competitive market and hit our primary goal of achieving sustained profitability this year.”

The news comes after AXA Wealth announced earlier this month that sales on its Elevate platform rose by 140 per cent year-on-year to £374 million at the end of the first quarter of 2011.

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