Wrap platform Ascentric has announced it has reached £4bn in assets under administration and added 50 new firms.

According to Ascentric, an IFP sponsor, this makes it one of the few profitable platforms in the wrap sector. It first achieved profitability last May after seeing a 72 per cent increase in new assets for the first quarter of 2011.

Ascentric has added 50 firms to the platform so far this year, bringing the total to 776 firms overall.

Strong growth came from the firm’s institutional business IFDL which supports relationships with firms such as Succession Advisory Services, Towergate Financial and Platform 1.

Hugo Thorman, managing director at Ascentric, said: “As you would expect from our strong start to the year, we are very positive about the future particularly with RDR implementation just around the corner.

“We are also mindful of the challenges ahead for advisers and for ourselves in respect of the provision of customer information, automation of fund registration and the treatment of rebates and commission.”

Ascentric was launched in January 2007 and was acquired by specialist financial services provider Royal London Group later  that year.