Transact has reported net inflows of £4.4bn for the financial year ending 30 September in spite of volatile market conditions.
The platform’s fiscal Q4 saw net inflows of £720m, down from £1bn in the previous three-month period and nearly £1.4bn in its second quarter.
Outflows of £785m and negative market movement to the tune of £927m means that funds under direction ended the fourth quarter at £50.07bn, marginally down from FUD of £50.3bn at the end of Q3
Transact started its financial year with average funds under direction of £52.1bn.
The platform’s adviser base grew 5% over the year with 7,500 advisers on the platform at the end of September. The number of clients rose 8% to reach 224,700.
Alex Scott, chief executive of Transact’s holding company Integrafin, said: “I am very pleased with the strength of our business performance during the financial year ended 30 September 2022.
“The Transact platform is utilised by clients and advisers for long-term financial planning. Therefore, Transact platform outflows have remained relatively stable during the course of the year. This has contributed to our continued very high retention rate of funds under direction on the Transact platform of 94% for the financial year.
“At a time of economic uncertainty, clients rely even more on the support and knowledge of their financial adviser. Our business model is centred on providing long-term support for our clients and their financial advisers. We will continue to advance the development of our proprietary software, and we will train users in how to best use the extensive functionality now available. All of this will enable our clients, with their advisers, to stay on track with their long-term financial plans.
“We are mindful of the difficult economic environment and the significant volatility in asset markets, however we expect the performance of the Transact platform to remain robust during the forthcoming financial year, with new clients and advisers joining, and continued resilient flows onto the Transact platform.’’
The results follow the launch of the Transact-Blackrock model portfolio service in September.
