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Transact funds jump 18% as IPO beds in

Platform Transact has increased funds under direction by 18.6 per cent over the financial year to reach £33bn.

Funds under direction were nearly £28bn for the financial year ended 30 September 2017, rising to £33.1bn for the year ended 30 September 2018.

The results published by IntegraFin Holdings, which owns Transact, show funds under direction increased 3.9 per cent in the latest quarter to the end compared to the same period last year, before the platform decided to float.

Net inflows for the financial year were 11.7 per cent higher than last year and outflows have decreased as a proportion of opening funds under direction.

Transact chief executive Ian Taylor says although the platform can report another positive update it is becoming an increasingly challenging market environment.

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

In the first half update today, the company said funds under direction at the end of the six-month period to 31 March were £29.8bn, up from £27.9bn at the end of September last year.

The company expects to announce annual results on 13 December.

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