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Transact sees market movements boost inflows

Transact’s funds under direction rose 5.7 per cent in the latest quarter after market movements provided the platform with a boost.

The platform passed the £36bn mark during the three months ended 30 June after reporting net flows of £796m – still positive despite being down on the £959m for the same quarter a year previously.

Outflows of £592m were offset by inflows of £1.38bn over the latest quarter.

However, market movements were a more significant factor in boosting funds under management, contributing £1.18bn, compared with £1.14bn for same quarter last year.

As at 30 June 2018, Transact had £31.9bn in funds under direction, and has closed the most recent quarter at £36.4bn.

The 5.7 per cent growth in funds for the latest quarter for Transact compares with a 1.9 per cent increase in the FTSE All Share Index and a 5.8 per cent increase in the MSCI World Index.

Transact chief executive Ian Taylor says: “I am pleased to report again that, despite persistent political and economic uncertainties, funds under direction have grown well. Net flows, although lower, proved resilient and market growth in the quarter contributed to the overall increase. The business is well positioned as we continue to grow assets and pleasingly our costs are modestly below our initial expectations for the current year.”

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