Ascentric, the UK independent wrap platform, posted an 8 per cent increase in net new assets to £1.3 billion (about $2.1 billion) last year through its wrap and "white label" platform services.

Total assets under administration now stand at £3.7 billion - a 48 per cent increase compared with 2010’s £1.2 million.

Last year, a total of 226 advisor firms joined Ascentric, resulting in the addition of almost 10,000 new clients to the platform, which is now "well-placed to capitalise on the opportunities presented by the Retail Distribution Review," according to a statement.