Platform Transact saw funds under direction drop in the latest quarter by £2bn compared to the same period a year earlier, according to quarterly figures out today.

IntegraFin Holdings, the parent company of adviser platform Transact, has reported a 1.9% drop in funds under direction in its second quarter as global markets took a tumble.

Adviser platform Transact reported today that quarterly Funds Under Direction fell 11% in the first quarter (to 31 March) from £39.31bn to £34.99bn, a drop of £4.4bn.