The Transact investing platform, powered by Integrafin, recorded net inflows of £700m during the first quarter of its 2023 financial year, which combined with a strong investment performance to boost funds under direction (FUD) by 4%.
FUD reached £52.1bn on 31 December 2022, up from £50.1bn three months earlier, reversing the downward momentum of the previous two quarters. Despite the recent recovery, FUD has not yet surpassed the £54.5bn Transact had on its books at the beginning of 2022.
Alex Scott, Integrafin CEO, described the platform’s net inflows as “resilient”, particularly in light of the environment of economic uncertainty and higher inflation. However, while outflows were broadly in line with previous quarters, if a little higher than the average, both gross and net inflows were lower than in of any of the last eight quarters.
After three consecutive quarters of negative investment performance, the platform saw the value of its investments grow by £1.3bn off the back of the recent market bounce.
By the quarter’s end there were over 7,600 registered advisers and just under 227,000 clients using the platform, and Scott said the steady increase in users provides a solid pipeline for ongoing FUD growth.
He added: “Overall, our business is performing well and we are continuing to execute on our strategy. We remain on schedule to commence the roll out of the next generation Curo software during the second half of FY23. We are resolutely focused on delivering the highest quality customer service, which, together with our proprietary platform technology, should position us well for ongoing growth.”
See Also: Transact posts ‘resilient’ Q4 results
