Transact owner gets new chairman

Transact owner gets new chairman

Integrafin, the company that owns the Transact platform, has appointed a new chairman. 

In a stock exchange announcement this morning (September 27), the company confirmed that Richard Cranfield will become chairman on October 1, 2019.

Mr Cranfield joined the board as a non executive director in June. He is a lawyer and has worked at Allen and Ogilvy for thirty years. 

He replaces Christopher Munro, who had been interim chairman and will remain on the board as a non executive director. 

The new chairman will work with Integrafin's chief executive and co-founder Ian Taylor. 

Mr Taylor told FTAdviser recently that Transact has no real plans for growth and instead will try simply to “not foul up” and capture what he believes will be the structural growth of the wealth management market in the years to come.

Integrafin’s share price has risen from £2.5 to £3.95 since March 2018, when it joined the stock market.

Roland Arnold, who runs the £758m BlackRock Smaller Companies investment trust, has Integrafin as his third largest investment, a holding that is today worth about £16m.

Mr Arnold said he likes the business as it's “simple” and “makes things better for a lot of people, without making it worse for anyone”.

For the six months to the end of March 2019, Integrafin reported assets under administration had increased 15 per cent, and profits were £22.2m.