Ascentric reaches £9bn milestone
22 January 2015
Ascentric, which includes institutional partners Succession and Openwork, has today announced that its platform assets have hit £9bn. This follows a 25% increase in flows compared to the previous year and is partly driven by a 77% increase in drawdown business since the pension changes were announced.
Jon Taylor, Managing Director of Ascentric, said:
“We are pleased to have reached this milestone sooner than we expected. Advisers are regularly telling us that the changes announced in the budget will drive still more asset flows on to platforms, and we are now seeing this become a reality. Ascentric will be ready for the new pension freedoms in April with both Flexible Access and Uncrystallised Fund Pension Lump Sum options available.
“Our recently launched charging structure, which offers the platform at 0.30% for assets up to £1m, meets a growing need amongst advisers and their clients to have a clearer picture of exactly how much their charges are at the outset, and will help drive our growth ambitions as we head into 2015.”
2015 is a transformational year for the Ascentric business as it expects to replatform to Bravura. The change in back office technology will bring significant efficiencies to adviser businesses, helping them deliver a better service to their clients.
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About Royal London:
Royal London is the largest mutual life, pensions and investment company in the UK with Group funds under management of £78.4 billion. Group businesses serve around 5.3 million customers and employ 2,823 people (figures quoted are as at 30 September 2014).
The Group is currently moving all of its UK life, pension and investment businesses under a new version of the Royal London brand. The Group's independent wrap platform will remain branded Ascentric.