Ascentric is aiming to boost its white label offering with plans to sign up one partner a year over the next three years.
Ascentric is the trading name for Investment Funds Direct, which currently offers white label platforms to businesses including consolidator Succession and network Openwork.
Speaking to Fund Strategy sister publication Money Marketing following Royal London’s interim results announcement today, Ascentric managing director Jon Taylor says the business has been considering its strategy for the white label offering.
Taylor says: “It is an important business stream for us and it is one we are committed to and we will continue to grow. They won’t be of the size of Succession but they will be meaningful in terms of the assets they bring on to the platform.”
In today’s interim results, Ascentric reported gross inflows for the first half of the year of £1.4bn, up from £1bn for the first six months of 2016.
Ascentric is currently replatforming with technology provider Bravura and Taylor gave an update on the project’s progress saying it is in the “final furlong”.
He says: “The development is done and we have successfully migrated our data on to the platform to show we can do that. We are now doing as much testing as we can to get it live.”
Taylor says Ascentric is not commenting on timeframes for the project.
He says: “We have set ourselves a high bar that we have to get over in terms of the quality of the system as we go through rigorous testing of it. We will not start the process of going live, which will be around communicating with advisers and migrating customers, until we have met that quality criteria.”