Ascentric reports 'dampened growth' due to RDR pressures

Assets on Royal London's wrap platform Ascentric grew 42% to £4.7bn in the nine months to 30 September, with new inflows dropping 18% to £856m.

Royal London's interim management statement said general economic conditions, combined with the "pressures" of the Retail Distribution Review (RDR) had served to dampen growth in the platform market over the period. It added while Ascentric continued to gain more business it was down on the equivalent period in 2011. Ascentric remains on course for a record number of firm sign ups during the year, the results claimed. Royal London Asset Management (RLAM) said while total funds under management were up 17% to £46.6bn, net new business inflows were down 28% to £156.8m. New individual...