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Transact to take £27bn IFA platfom public

Transact to take £27bn IFA platfom public

Transact owner IntegraFin is to list at least 25% of equity in the business on the main market of the London Stock Exchange.

The business, which administers £29.7 billion on behalf of 150,000 end clients and 5,100 financial advisers,  did not offer a guide price range or explanation for the sale.

It has long said that it was interested in going public in 2018 but the announcement was the first confirmation of the plan.

Launched in 1999 as Britain’s first adviser platform, IntegraFin said that Transact had recorded 17 years of continuous growth and had been profitable since 2003.

Chief executive Ian Taylor (pictured) said: ‘We are proud to have built a leading business that provides a premium service to the clients of UK financial advisers, supported by our proprietary platform and high touch client service teams.

‘We have developed a clearly differentiated business of scale with impressive returns and strong margins that operates in a growing market.

‘Supported by a growing demand for financial advice, an increasingly complex investment landscape, pension freedoms and strong growth drivers in the UK wealth management market, we believe that we are well-positioned to continue to achieve long-term sustainable growth, returning value to our shareholders, customers and staff alike.’

The company revamped its fee structure last month as it sought to lift assets to above £29 billion this year.

The business lowered the portfolio size required to access discounted charges from £120,000 to £100,000. The change means clients with between £100,000 and £600,000 will be charged 0.29% on their entire portfolio.

Currently those with less than £120,000 must pay 0.5% on the first £60,000 for investment accounts, and 0.45% for cash accounts. Transact has also launched a new 0.05% rate for holdings above £5 million.

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