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Ascentric boss departs as platform losses continue

peopleChief executive at Royal London-owned platform Ascentric Jon Taylor has stepped down after more than three years in the role.

Taylor is replaced by Rob Regan who is Royal London group operations director. According to the provider, Regan has been working on Ascentric for the past 12 months and also sits as a director on its board.

Taylor was tasked with overseeing Ascentric’s replatforming to Bravura technology.

According to annual accounts filed to Companies House last month by Ascentric’s registered company Investment Funds Direct, for the 12 months ended 31 December 2017 Ascentric recorded a loss of £32.7m (2016: £41.2m).

The loss includes an impairment charge of £30.9m, which the company says relates to an “intangible asset” and £6.1m related to other costs. The intangible asset is described as “internally generated software”.

Ascentric took on gross assets under administration of £2.8bn during 2017, compared with £2.3bn in 2016, and platform assets at the end of the year were £14.4bn, up from £12.3bn.

Royal London chief executive Phil Loney says: “Under Jon’s leadership the first phase of Ascentric’s re-platforming has been delivered very successfully and he moves on with our thanks, leaving behind a business with a redefined proposition, award winning customer service, and a strong, experienced team to build on this strong foundation.”

He adds: “Once the re-platforming is complete, Rob will lead Ascentric into the next phase of its growth, taking advantage of the new technology and all that it has to offer.”

Regan says: “We will continue to invest in improving the adviser experience, quality of investment offerings and the competitiveness of the platform as we strive to be slick and efficient and provide the best adviser experience in the platform market.”

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