Ascentric provides a technology and aggregation service for advisers via its open architecture and unrestricted access to third party products and tax wrappers.
Ascentric offers a range of tax wrappers allowing clients to view the current performance of their investments at any time. These encompass ISA, SIPP, SSAS, offshore bonds, an onshore bond and an unwrapped general investment account. Its fund range includes almost 3,000 funds, shares, bonds and cash.
Now owned by the Royal London Group (RLG), Ascentric is a trading name of Investment Funds Direct Limited (Fundsdirect). Fundsdirect was founded in 1982, and became the UK’s first online fund supermarket in December 1999. In 2004, an adviser initiative established a whole of market UK Wrap leading to the creation of an independent Wrap Company that eventually acquired Fundsdirect in 2005. This provided the base for the launch of the Ascentric Wrap in January 2007. A majority holding of Investment Funds Direct Group Limited was acquired by Royal London Group in November 2007, essentially bringing the technology, process and capital together and allowing the business to move to the next level.
For 2013, RLG reported EEV operating profits of £551m and surplus regulatory capital of £2,749m.