Funds under direction at wrap platform Transact grew 3.5% over the quarter ending 30 September 2020, an 8.7% increase for the financial year despite a “difficult and unpredictable” operating environment.

As the platform’s financial year ended, funds under direction were £41.09bn in comparison to £37.79bn at the end of the last financial year.

In its final quarter of the year the platform saw inflows of £1.29bn, partially offset by outflows of £560m.

Market movements for the fourth quarter led to gains of £690m. In Q2 of their financial year the platform saw market movement losses of £5.43bn as the Coronavirus pandemic caused a market panic. These gains mean the overall market movements at the platform for the year were relatively flat for a tumultuous year at minus £224m.

The platform is cautiously optimistic about what the next few months will bring them.

Alex Scott, CEO at Transact, said: "Our 2020 financial year ended on 30th September. During the second half, the operating environment was difficult and unpredictable for us, for our clients, and for their advisers - and this seems likely to remain the case in the coming months.

Nevertheless, and in no small part due to the resilience and dedication of all involved, I am pleased to report robust flows.

Compared to our 2019 financial year, gross and net inflows held their own and we ended the year with our highest ever level of funds under direction."