Q4 Funds Under Direction Update

RNS Number : 1697D
IntegraFin Holdings plc
18 October 2022
 

LEI Number: 213800CYIZKXK9PQYE87

 

 

18 October 2022

 

 

IHP Group quarterly update - Q4 of financial year 2022

 

 

Resilient Transact platform performance in spite of volatile markets

 

 

Headlines

 

 

· Highly resilient Transact platform gross inflows for the quarter of over £1.5bn, with solid net inflows during the quarter of over £0.7bn. 

 

· Net inflows to the Transact platform for the financial year ended 30 September 2022 of £4.4bn.

 

· Growth of the Transact platform's adviser base - at the end of the financial year (30 September 2022) there were 7.5k advisers registered on the Transact platform (an increase of over 5% from 30 September 2021).

 

· At the end of the financial year (30 September 2022) there were 224.7k clients on the Transact platform (an increase of 8% from 30 September 2021).

 

· The average (daily) funds under direction (FUD) on the Transact platform during the financial year ended 30 September 2022 was £52.5bn. This compares with an average during the prior financial year of £47.2bn.

 

· Other than the cost implications from the HMRC VAT decision (RNS issued on 20 September 2022), the detailed cost guidance, which we disclosed in the Q3 market update (19 July 2022), remains unchanged.

 

· The development of Time4Advice's CURO 365 software remains on schedule, and is planned for release to a beta client for live testing by the end of the year.

 

· The Transact-BlackRock Model Portfolio Service (MPS) was launched in September 2022. This is available exclusively to Transact platform clients.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Quarter ended

30 September 2022

 

 

  Quarter ended

30 September

2021

 

  Financial year

ended

30 September 2022

 

  Financial year

ended

30 September 2021

 

£m

Opening FUD

50,300

50,310

52,112

41,093

Inflows

1,505

1,967

7,275

7,695

Outflows

-785

-660

-2,873

-2,744

Net Flows

720

1,307

4,402

4,951

Market movements

-927

553

-6,248

6,297

Other movements(1)

-23

-58

-196

-229

Closing FUD

50,070

52,112

50,070

52,112

Average daily FUD for the period (£m)

52,217

51,647

52,544

47,240

Number of registered advisers

7,537

7,161

7,537

7,161

Number of platform clients

224,705

208,611

224,705

208,611

Notes:

 

(1)  Includes fees, taxes and investment income.

 

 

 

Alex Scott, Chief Executive Officer, commented:

 

''I am very pleased with the strength of our business performance during the financial year ended 30 September 2022.

 

The Transact platform is utilised by clients and advisers for long term financial planning. Therefore, Transact platform outflows have remained relatively stable during the course of the year. This has contributed to our continued very high retention rate of funds under direction on the Transact platform of 94% for the financial year.

 

At a time of economic uncertainty, clients rely even more on the support and knowledge of their financial adviser. Our business model is centred on providing long term support for our clients and their financial advisers. We will continue to advance the development of our proprietary software, and we will train users in how to best use the extensive functionality now available. All of this will enable our clients, with their advisers, to stay on track with their long term financial plans.

 

We are mindful of the difficult economic environment and the significant volatility in asset markets, however we expect the performance of the Transact platform to remain robust  during the forthcoming financial year, with new clients and advisers joining, and continued resilient flows onto the Transact platform.''

 

 

 

 

 

 

 

 

Historical information

 

 

£m

Q1

FY21

 

Q2

FY21

 

Q3

FY21

 

Q4

 FY21

 

Q1

FY22

 

Q2

FY22

 

  Q3

FY22

 

  Q4

FY22

 

Opening FUD

41,093

44,824

46,929

50,310

52,112

54,539

53,500

50,300

Inflows

1,581

2,153

1,994

1,967

1,976

2,092

1,703

1,505

Outflows

-741

-686

-657

-660

-688

-697

-703

-785

Net Flows

840

1,467

1,337

1,307

1,288

1,395

1,000

720

Market movements

2,938

694

2,112

553

1,207

-2,376

-4,152

-927

Other movements (1)

-47

-56

-68

-59

-68

-58

-48

-23

Closing FUD

44,824

46,929

50,310

52,112

54,539

53,500

50,300

50,070

 

Average daily FUD for the period (£m)

 

42,905

45,873

48,677

51,647

53,514

52,551

51,889

52,217

Number of registered advisers

6,836

6,962

7,056

7,161

7,278

7,356

7,469

7,537

Number of platform clients

194,857

201,104

205,532

208,611

213,178

218,787

221,992

224,705

Notes:

 

(1)  Includes fees, taxes and investment income.

 

 

 

 

 

Enquiries

 

Investors

 

Luke Carrivick, IHP Head of Investor Relations

+44 020 7608 5463

 

Media

 

Lansons: Tony Langham

Lansons: Maddy Morgan-Williams

+44 (0)7979692287

+44 (0)7947364578

 

 

 

 

 


 

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