Ascentric sees new business fall 7% in 2012 despite late surge

Wrap Ascentric saw the amount of new business coming onto platform fall 7% in 2012 despite a £332 million surge in the fourth quarter.

In the last three months of the year new business was up 27% on the previous year, but this could not stop new business for the year falling to £1.2 billion, a drop of 7% compared to 2011.

At the end of the year the wrap had £5.1 billion assets under administration, an increase of 41%.

The platform signed up 607 advisory firms last year, compared to 294 firms in 2011.

A total of 2,900 businesses now use the platform.

Ascentric said the positive results were partly due to its institutional arm IFDL, which powers white labled platforms for Succession, Towergate, Openwork, Intrinsic and Platform One.

These companies delivered around half of the platform’s new assets.

Ascentric and IFDL managing director Hugo Thorman (pictured) said the platform had ambitious plans.

‘The pick-up in net new business achieved in the fourth quarter was particularly satisfying as it suggested that the migration of business models to an RDR world is at or near completion allowing advisers to focus on writing business,’ he said. ‘This, together with the new firms we attracted in 2012 certainly positions us well.’