25th June 2011

Ascentric reaches profitability milestone

Independent wrap Ascentric announces it has been operating as a profitable platform for the last two months. This follows announcing a record increase of 72% in new assets for the first quarter of this year and the platform reaching the £3bn assets under administration (AUA) milestone last month.

Hugo Thorman, Managing Director at Ascentric said, "Achieving sustainable profitability as planned is a very significant milestone for us. Ascentric will now be profitable for the full year 2011. 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.

This achievement would not have been possible without the support of our strategic accounts and adviser firms who have helped make us one of the most attractive, flexible and competitive platforms in the sector. It goes a long way in justifying their faith in our proposition and business model.

Looking ahead, we are extremely positive about the future, both in AUA on platforms generally and the resultant overall growth of the platform market across all product types, and in Ascentric's continued and sustainable long term success."

The Ascentric wrap was launched in January 2007 and was acquired by Royal London Group in October 2007.

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