Transact owner reports record client funds
Integrafin (IHP), the parent company of adviser platform Transact, has reported advised client numbers rose 2% to a record 234,000 in the three months to the end of June.
The group published the figures in its Q3 trading update today.
IntegraFin also confirmed that Jonathan Gunby will step down from the parent IHP board on 30 September. He will remain chief executive of IntegraFin's subsidiary, Integrated Financial Arrangement Ltd, which operates the Transact platform.
The figures showed that around 4,000 new clients have been added to the Transact platform in the last year.
Over the year the total number of registered advisers climbed 5% to a record 8,000, up from 7,600 a year earlier.
Net inflows to the Transact platform during the three months were the same as the previous three months at £700m. Gross inflows for the period were £2bn, down from £2.2bn in Q2.
The company said there was a record quarter end in funds under direction (FUD) on the Transact platform of £62.4bn, up 14% over the past year from £54.3bn.
The average daily funds under direction (FUD) for the quarter climbed to a record £61.4bn, up from £58.6bn at the end of March and £54.3bn a year earlier.
Alex Scott, IHP Group chief executive, said: "Once again, our quarterly performance has demonstrated the resilience of the Transact platform and the consistent performance of the IntegraFin Group.
“By remaining focused on our business model and strategy, the group is well placed to continue to take advantage of a growing UK adviser platform market.”
The company also announced some board changes with Christopher Munro retiring as a non-executive director with immediate effect for health reasons.
As a result, Victoria Cochrane has been appointed to the remuneration committee as an interim member with immediate effect and Rita Dhut will chair the committee until a new chair is appointed.
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