Adviser platform Transact has reported a record £7.7bn of gross inflows for the year ending 30 September.

Advisers placed almost £2bn with investment platform Transact during the quarter ended 30 September 2021.

Funds under direction (FUD) for adviser platform Transact rose 7.2% over the quarter ending 30 June.

Staff at adviser platform Transact are to start to return to the office from August as the platform pilots a hybrid working model.

Tom Dunbar has been appointed chief development officer at adviser platform Transact’s parent company Integrated Financial Arrangements (Integrafin).

Transact is to cut some of its charges in April with annual commission charges and buy commission charges both reduced.

Private equity firm Aquiline Capital Partners and fintech Allfunds have pulled out of the bidding race for adviser platform Nucleus.

The owners of UK adviser platforms and SIPP providers Transact and James Hay have tabled cash offers for competitor and SIPP provider Nucleus.

Platform Transact has reported that quarterly Funds Under Direction fell 11% in the first quarter (to 31 March) from £39.31bn to £34.99bn, a drop of £4.4bn.

The parent company of Transact, the SIPP and platform provider, has been hit with an unexpected £4.3m VAT bill which could also see the company having to pay an additional £1.4m a year in VAT.