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Ascentric posts 7% drop in net new business

Ascentric managing director Hugo Thorman
Ascentric managing director Hugo Thorman

Wrap platform Ascentric has seen a 7 per cent fall in total net new business for 2012 to £1.2bn, despite a 27 per cent increase in new business in the last three months of the year.

Ascentric posted total net new business of £1.3bn for 2011. Between October and December last year total net new business rose to £342m, compared to £268.1m for the same period in 2011.

Assets under management are up 41 per cent from £3.7bn as at the end of 2011 to £5.1bn at the end of 2012.

Ascentric, which is powered by IFDL, says IFDL’s white-labelling deals with firms such as Succession Advisory Services, Towergate Financial, Openwork and Intrinsic delivered around 50 per cent of the platform’s net new assets.

A total of 607 adviser firms used Ascentric in 2012, more than double the 294 firms using Ascentric in 2011.

Ascentric managing director Hugo Thorman says: “2012 saw a real positive increase in the number of adviser firms signing up to our proposition via Ascentric and IFDL, making it one of the most significant years in our development since launch.

“The pick-up in net new business achieved in Q4 was particularly satisfying as it suggested the migration of business models to an RDR world is at or near completion allowing advisers to focus on writing business. This, together with the new firms we attracted in 2012 certainly positions us well for the rest of the year.”

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