Ascentric has announced it has been operating as a profitable platform for the last two months.

The platform saw a 72 per cent increase in new assets for the first quarter of this year and reached a total of £3bn assets under administration in May.

Hugo Thorman, managing director at Ascentric, said: “Achieving sustainable profitability as planned is a very significant milestone for us. We can now focus on increasing the level of investment in technology and our people to meet the growing and justified expectations of Ascentric advisers and white label clients for choice and service excellence.”

The company put the success down to the support of its strategic accounts and adviser firms.

Mr Thorman said he was “extremely positive” about the future growth in assets under administration and in the overall growth of the platform markets.

The Ascentric wrap was launched in January 2007, enabling advisers to transfer clients’ assets onto a single platform to provide them with the ability to manage assets all in one place.