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IntegraFin Holdings maintains annual guidance, quarterly inflows down

18th Jul 2023 08:40

(Alliance News) - IntegraFin Holdings reported on Tuesday that its closing funds under direction increased but inflows to its Transact platform were down in its third quarter.

The London-based firm, that owns the investment platform Transact, said that in its third quarter ended June 30, closing funds under direction increased 8.6% to GBP54.61 billion from GBP50.30 billion year-on-year.

IntegraFin said that flows to its Transact platform were down, with net inflows falling 38% of GBP617 million from GBP1.00 billion the year before, and gross inflows down 11% GBP1.52 billion from GBP1.70 billion. Outflows widened 28% to GBP900 million from GBP703 million, year-on-year.

Transact had a record number of platform clients of over 229,659 at the end of the quarter, up 3.0% from 221,992 the year before.

Chief Executive Officer Alex Scott said: "This is pleasing considering the tough macro-economic environment and reflects the strength of our market position and the attractions of our platform. Outflows remained broadly in line with previous quarters, highlighting the resilience of our business model."

Market movements for the third quarter swung to a positive GBP21 million from a negative GBP4.15 billion the year before.

IntergraFin said that following the July 7 announcement, Euan Marshall will be joining as chief financial officer by early January 2024.

The company said that its guidance for the current financial year and Financial 2024 remains unchanged.

"The outlook for the UK economy is uncertain as we wait to see the full effects of the Bank of England's interest rate increases. However, we expect net inflows to the Transact platform to continue to be resilient, and we remain focused on our aim to be the number one provider of software and services for clients and UK financial advisers," said CEO Scott.

Shares in IntegraFin Holdings were up 0.8% at 248.00 pence each in London on Tuesday morning.

By Will Neill, Alliance News reporter

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