Investments  

Transact platform assets up 14%

Transact platform assets up 14%

The funds under direction (FUD) at adviser platform Transact rose by 14 per cent in the year to the end of September 2019. 

A market update released by parent company Integrafin to the stock exchange this morning (October 23) showed Transact had £37.7bn in FUD at the end of September following net inflows of £3.4bn and positive market movements accounting for £1.19bn. 

For the three months to the end of the month Transact’s net inflows were £891m. 

The company’s chief executive Ian Taylor said: “We ended the financial year with a good quarter. If only slightly, inflows were up and outflows were down on the prior quarter.

"We also learned from Fundscape data that Transact had the highest net inflows of all advised platforms in both of the first two quarters of 2019. These are positive indicators for the coming year.”

Data compiled by Fundscape, released in August and covering the three months to June 30, showed that UK retail platforms collectively attracted net assets of £6.6bn in the period, the lowest level since the fourth quarter of 2012. 

Transact emerged as the top retail adviser platform in Q2 2019 with sales of £796m, followed by Aviva and AJ Bell.

Mr Taylor previously told FTAdviser he had no grand plan for the business, which he co-founded, except to “not foul up”.

Providing this, he said, the business would continue to benefit from what he believes is the structural growth of the wealth management industry. 

He said the firm had no interest in expanding into other product lines, such as model portfolio services, and little interest in winning the business of clients with small pots of assets. 

david.thorpe@ft.com