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Transact boss heralds ‘solid’ performance

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Transact chief executive Ian Taylor

Platform Transact has reported a 7.2 per cent increase in funds under direction over the third quarter to £31.8bn.

The growth represented a 14.2 per cent increase over the year end.

At the start of the quarter, funds under direction were £27.7bn.

The update, reported by Transact’s parent Integrafin Holdings, shows net flows in the three months ended 30 June were £959m (Q3 2017: £931m).

Inflows over the quarter were £1.4bn (Q3 2017: £1.3bn).

Chief executive Ian Taylor says: “We report another solid FUD update. Net inflows for the financial year to date are 18.5 per cent ahead of last year and outflows have decreased as a proportion of opening FUD.”

IntegraFin listed on the London Stock Exchange in March with a £650m valuation.

Other platforms have followed suit with Nucleus set to float this month and AJ Bell expected to launch an IPO on the London Stock Exchange either later this year or in early 2019.

Embark, which owns Sipp providers Rowanmoor, Hornbuckle and the Embark platform is reportedly also eyeing a listing.

Adviser support service SimplyBiz floated on Aim in April with a valuation of around £130m and the former Old Mutual Wealth business listed on the London Stock Exchange as Quilter in June with a valuation of £2.7bn.

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