Reports

Ascentric Reports Strong Growth In 2012

Sally Ling London 21 February 2013

Ascentric Reports Strong Growth In 2012

UK wrap platform Ascentric and its institutional arm IFDL saw an increase of 27 per cent in net new assets in the fourth quarter of 2012 compared to the same period in 2011. The firm says that this represents one of the strongest quarterly performances in its history.

Despite total net new sales for the year falling by 7 per cent to £1.210 billion (around $1,852 million), the platform ended 2012 with total assets under administration up 41 per cent at £5.147 billion. A key driver for this growth was the performance of institutional arm IFDL, the firm said.

The platform saw 607 firms of advisors sign up in 2012 compared to 294 the previous year. There are now more than 2,900 individual users set up on the platform that contributed to a 27 per cent increase in customers.

“The pick-up in net new business achieved in Q4 was particularly satisfying as it suggested that the migration of business models to an RDR world is at or near completion allowing advisors to focus on writing business,” Hugo Thorman, managing director at Ascentric and IFDL, said in a statement.

 

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