Assets on adviser network Openwork’s platform have surpassed £4bn for the first time.
The platform was launched in January 2013 and is powered by Investment Funds Direct Limited and the Zurich Investment Platform.
Assets reached £1bn in the full first year of their launch and Mark Duckworth, chief executive of Openwork, said they had continued to grow despite market volatility.
He said: “For the platforms to have reached £4bn in little over three and half years is a fantastic achievement and highlights the extent to which our advisers have embraced this technology as a means to promote stability and growth through increased efficiency.
“It is particularly pleasing that growth has been consistently strong across both platforms despite a backdrop of heightened volatility and market uncertainty.
In July Openwork announced it had exceeded 3,000 advisers across the group for the first time in its history. It operates as a directly authorised, multi-panel distribution network.
In February, Openwork announced it had signed an agreement that will see Zurich divest its 25 per cent shareholding in the network within four years.
By March 2020 Zurich will transfer its shares to Openwork’s other main shareholder, Openwork Partnership LLP, which represents the adviser base.
In June Openwork announced an operating profit of £4.8m for 2015, the fourth consecutive year it has found itself in the black.
