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

The platform saw its highest ever third quarter gross inflows of £1.99bn with the platform now having £50.31bn FUD.

Over the same period the FTSE All Share Index rose by 4.8% and the MSCI World Index (Large & Mid Cap) rose by 7.2%.

Outflows remained steady at £657m, leaving net flows of just below £1.34bn.

A comparison with the same period from the prior year is distorted by the impact of Covid-19, however, in comparison to the third quarter 2019, net flows have increased at an annual rate of 30%.

Equity markets remained positive over the quarter, and this also contributed to FUD passing £50bn for the first time.

Alex Scott, CEO of Transact, said: “We continue to invest in high levels of service to drive top-line growth and to maximise customer experience. As previously stated, the full year numbers will include elements of non-recurring cost which we signalled at the half year.

“Whilst we look forward to returning to our offices in the next quarter, on a new flexible working plan, we remain cautious of the immediate health impacts and longer term economic impacts of Covid-19.”

Some staff will return to the firm's City of London-based HQ during August with all staff members to return in September. The platform will be piloting a hybrid working model with a minimum of three days each week in the office for full-time staff.