Independent wrap platform Ascentric and its institutional arm IFDL have reported a 27 per cent rise in net new assets to £342m in the last three months of 2012 despite total net new sales falling 7 per cent to £1.21bn for 2012.
Ascentric said this represents one of the most successful quarters in the company’s history.
Having recently passed the £5bn asset under administration mark, the company ended the year with total AUA up 41 per cent to £5.15bn.
Much of this growth was due to IFDL and its relationships with companies including Succession Advisory Services, Towergate Financial, Openwork, Intrinsic and Platform One which allowed it to deliver half of the platform’s net new assets for the first time.
The platform also reported more than double the number of advisers signing up, with 607 firms joining in 2012 compared to 294 the previous year.
Hugo Thorman, managing director of Ascentric and IFDL, said: “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 advisers to focus on writing business. This, together with the new firms we attracted in 2012 certainly positions us well for the rest of the year.”
There are now more than 2,900 individual users set up on the platform, contributing to a 27 per cent increase in customers.
