PlatformsSep 18 2015

Ascentric posts £1.4m loss

twitter-iconfacebook-iconlinkedin-iconmail-iconprint-icon
Search supported by
Ascentric posts £1.4m loss

Ascentric has posted a £1.4m loss in the year ending 31 December 2014, compared to a £567,000 loss the previous year.

According to the wrap’s parent company Investment Funds Direct Limited, the platform attracted £1.2bn of net new assets in the year, which it said was ‘disappointing’ compared to 2013 when it attracted £1.7bn of net inflows.

The fall in new business was due to one advice business moving away from the platform and pricing competition from other platforms, said IFDL.

Alongside this, the company posted an operating profit of £465,000 down from £1.2m in 2013 while assets under administration increased from £7.3bn to £8.9bn.

Hugo Thorman, director at Ascentric, said: “The company’s growth is expected to continue throughout 2015 and as a result operating profitability is projected to continue for the coming year.

“In addition, the successful implementation of the software redesign project forecast for the latter part of 2015, should ensure operating profitability levels increase in the forthcoming years.

In January this year, Ascentric launched a charging structure to give advisers additional choice and flexibility for their clients, the platform’s managing director Jon Taylor said at that time.

“This new charging structure goes to the heart of Ascentric’s aim to be seen as the platform of choice in its target market,” he said.

“It offers advisers good value in an increasingly competitive marketplace. It will operate alongside our existing standard charging structure and gives advisers the flexibility to select the most appropriate charging option for their client base.”

ruth.gillbe@ft.com