A new adviser CRM has been launched to challenge the likes of established CRM firms such as Intelliflo, IRESS and Time4Advice.

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, the parent of platform provider Transact, has bought Financial Planning software firm Time4Advice for an undisclosed sum.