Transact moves into profitability

Wrap account provider Transact has moved into profitability after enjoying five consecutive months o...

Wrap account provider Transact has moved into profitability after enjoying five consecutive months of £20m-plus inflows and positive market movements. Transact now has over £400m in assets under management from some 10,000 clients some three years after launch. Competitor Cofunds, with assets of just over £1bn under management just over three years after launch, has admitted it needs £6bn-£7bn to break even, while Selestia expects to break even in two to three years.