Wrap platform Ascentric has confirmed it is delaying replatforming until the end of next year in Q4 2015, due to the size of the project.
The platform originally said it was going to replatform in Q3 2015 but this date has now been pushed back.
Dubbed ‘Project Accelerator’, the upgrade to Ascentric’s new front office technology offering was “essential to keep pace with the rest of the market”, Hugo Thorman, managing director at Ascentric, previously said.
This follows the platform posting a loss in 2013 compared with a £1.8m profit in 2012 due to a £1.6m technology upgrade on moving to service provider Bravura, its results revealed in September.
The firm spent £1.6m on the ‘Project Accelerator’ technology upgrade, funded by a £2m loan from overseeing parent company Royal London. Mr Thorman said that the delay in replatforming was largely due to the size of the project.
“It’s a very sizeable project. There’s lots of demands for the systems that we are putting in - Bravura - and its normal for large projects to experience delays. A delay of a few months is not to be honest a surprise.”
ruth.gillbe@ft.com
