Newly listed Integrafin (IHP) bucked the trend of slowing inflows for investment platforms during the year to September. The wrap platform provider – which caters to advisers managing retail clients’ investments – gained £4.09bn in net inflows, 12 per cent higher than the prior year. In fact, gross inflows were at the highest level since the inception of the ‘Transact’ platform.
However, the group did not escape the downturn in markets completely, with returns slightly lower at £1.1bn compared with £1.4bn the prior year. Nevertheless, fee-generating funds under direction rose almost a fifth to £33.1bn. That pushed up annual commission income – which accounted for 87 per cent of revenue – by 14 per cent to £79.2m. A slower rise in operating costs also meant the adjusted operating margin increased from 47 per cent to 47.5 per cent. Income from buy commission and dealing charges also grew 15 per cent, but accounted for just 4 per cent of revenue, while 95.7 per cent of the top line was recurring.