Ascentric AUA hits £3bn

Ascentric has passed £3bn assets under administration (AUM) as it nears profitability.

The AUM milestone comes on the back of the wrap recently announcing a 72% increase in new assets for the first quarter in what was its most successful period of growth.

"We are indebted to the support of our adviser firms and our strategic clients including Towergate Financial and Succession Advisory Services who continue to help us shape and refine our proposition while driving increased volume of assets on to the platform," said managing director Hugo Thorman (pictured).

"With RDR continuing to fuel platform market growth, I firmly believe we are well set to grow our share of an increasingly competitive market and hit our primary goal of achieving sustained profitability this year."