Ascentric reaches profitability milestone

Ascentric has hit the profitability milestone on the back of a record 72% increase in new assets for the first quarter of the year.

The wrap said it has been in profit for the last two months as assts under administration on the platform reached £3bn in May.

"Achieving sustainable profitability as planned is a very significant milestone for us," said managing director Hugo Thorman (pictured).

"Ascentric will now be profitable for the full year 2011."

He added: "We can now focus on increasing the level of investment in technology and our people to meet the growing and justified expectations of both Ascentric advisers and white label clients for choice and service excellence."

The wrap was launched in January 2007 and was acquired by Royal London Group in October of that year.