Financial advisers placed over £2bn of client money with investment platform Transact during the quarter ended 31 March.

Closing funds under direction were £46.92bn, a 4.7% rise over the quarter and a 34% increase year on year (Quarter ended 31 March 2020: £34.99bn).

Over the same period the FTSE All Share Index rose by 4.3% and the MSCI World Index (Large & Mid Cap) rose by 3.6%.

Inflows for the quarter were £2.15bn with outflows of £686m, leaving net flows of £1.46bn.

For the half ending 31 March, net flows were £1.4bn and inflows were £3.73bn.

Jonathan Gunby, Transact CEO, said: “This last quarter resulted in our highest ever quarterly inflows (both gross and net). We are delighted that so many advisers choose to use Transact.”

The company expects to announce its full half year results on 20 May, which will include costs associated with the Nucleus process and the acquisition of Time for Advice.