15th March 2012

Ascentric hits £4bn AUA

Independent wrap Ascentric now has £4bn assets under administration as it approaches 12 months of sustained profitability, one of the few profitable platforms in the wrap sector.

Hugo Thorman, Managing Director at Ascentric said, “We’ve had a tremendous start to 2012 having added almost 50 adviser firms to the platform since the start of the year, raising the total number of firms on Ascentric to 776. This also reflects the strong growth achieved through our institutional business IFDL that supports a growing number of relationships including Succession Advisory Services, Towergate Financial, Platform 1 and key distributors operating in the emerging restricted advice channel.

“As you would expect from our strong start to the year, we are very positive about the future particularly with RDR implementation just around the corner. We are also mindful of the challenges ahead for advisers and for ourselves in respect of the provision of customer information, automation of fund re-registration and the treatment of rebates and commission.”

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