21st Apr 2020 11:29
(Alliance News) - IntegraFin Holdings PLC on Tuesday said strong growth in inflows led to a small year-on-year increase in funds under direction for the second quarter of financial 2021, despite a substantial downward movement in equity markets since mid-February.
The company, which provides platform services to UK financial advisers and their clients, said funds under direction at March 31 totalled GBP34.99 billion, a sharp 11% down from GBP39.31 billion in the first quarter but up 1.7% from GBP34.41 billion a year ago.
Second-quarter net inflows totalled GBP1.10 billion versus GBP959 million in the first quarter and GBP926 million a year ago. Outflows amounted to GBP596 million compared with GBP576 in the previous quarter and GBP518 million a year ago.
Market movements reduced funds under direction by GBP5.43 billion versus a gain of GBP1.82 billion a year ago. In the first quarter, market movements added GBP561 million.
CEO Alex Scott: "The outlook for the second half of the year is dependent upon the economic effects of measures to combat Covid-19 and their impact upon equity markets, FUD and flows."
Shares in IntegraFin were down 0.7% at 454.50 pence each in London on Tuesday morning.
By Tapan Panchal; [email protected]
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