Transact’s platform assets dropped by 1.8 per cent in the second quarter of the year after a private client closed their account.
Transact chief executive Ian Taylor told Money Marketing he could not name the client, but said it was not an adviser firm and the funds were not shifted to another platform.
He says: “It was a single private client who is known to the company and has taken his account away from us.
“It has not had a real effect on our business because we were only charging a nominal account [fee] for custody. It is not a normal run of the mill business account.”
Taylor says outside of that account, inflows and outflows were steady on their first quarter performance. Assets on the platform, which Transact reports as funds under direction, dropped from £27.2bn to £26.7bn.
Taylor says plans remain on track for the business to float on the London Stock Exchange in early 2018.
He says: “Given that Q1 and Q2 have been two of the best quarters we have had, we are looking forward to Q3 and Q4.”
A letter sent to shareholders of Transact’s parent Integrafin Holdings in December 2016 said inflows for the year to September 2016 were £3.58bn, which was a 6.6 per cent increase on the £3.36bn inflows at September 2015. Net flows for that period rose 7.8 per cent to £2.2bn from £2.06bn the year prior.
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