Ascentric assets top £4bn for first time

Ascentric has broken the £4bn assets under administration (AUA) barrier as the Royal London-owned wrap nears 12 months of sustained profitability.

The AUA milestone comes as the number of adviser firms using the wrap reaches 776, with 50 firms joining since the start of the year.

"As you would expect from our strong start to the year, we are very positive about the future, particularly with RDR implementation just around the corner," said managing director Hugo Thorman (pictured). 

He added the wrap's institutional business - through which it has relationships with Succession Advisory Services and Towergate Financial - has also performed strongly.

But Thorman also said the wrap is mindful of challenges ahead, including automatic re-registration and FSA rules surrounding platform rebates.

Ascentric achieved profitability last May.