Royal London ponders rebrand of Ascentric platform

Royal London ponders rebrand of Ascentric platform

Royal London is considering to rename the Ascentric platform as it completes its replatforming in the coming months.

Chief executive Phil Loney said conversations with advisers have disclosed that the platform could be benefitting from using the Royal London brand.

He said: "People like Ascentric and they like the Royal London brand, they know we have infrastructure and deep pockets if need be, and asked us why we don’t call the platform Royal London as well. The conversations are continuing."

Mr Loney said 96 per cent of Ascentric’s clients have been moved to the new technology platform, and he expects the whole of the client base to have moved within six months.

The company had used a "phased approach" to migrating clients, moving them in small groups, with about one per cent of clients having moved across between January and now.

Some clients of the platform had experienced problems with receiving income payments in the summer of 2018, but the company stated it has now been resolved.

Minesh Patel, an adviser at EA Solutions in London, said: "I like the idea of a platform having a strong parent company, you can see the parent company’s record. It instills confidence and trust because the parent has a track record."

Meanwhile, Mr Loney expects Royal London lower charges in the years ahead, both via the platform and the asset management business.

He said he expects the growth on the asset management side to come from multi-asset and sustainable investment funds.

Royal London's multi-asset funds use a mixture of passive and active products, which helps to minimise the cost paid by the end client at a time when pressure on margins is a feature of the asset management industry.