Transact is a wrap service that provides an online administrative support tool for financial advisers to assist them in managing client portfolios. It uses an online platform to bring assets and investments together in on place, releasing financial advisers from time-consuming paperwork and administration.
Transact provides a consolidated dealing service for financial advisers which enables them to instruct Transact to undertake purchases and sales of investments on behalf of their clients.
Transact does not provide any investment advice. Products offered include General investment accounts, ISAs, JISAs, offshore bonds, onshore bonds, Personal Pension Plan and SIPPs.
The potential sales of Transact and Seven Investment Management (7IM), as well as increased scrutiny from the regulator, have prompted advisers to start probing platforms on their exit strategies.
Ascentric's managing director, Hugo Thorman, has argued advisers' use of model portfolios is hindering the popularity of investment trusts.
The regulator is to meet members of Tisa to discuss re-registration rules next month, with the trade body reiterating to platforms best practice guidelines when dealing with super clean share classes after issues arose recently.
Transact has appointed Goldman Sachs to broker a full sale of the business, with senior staff open to an exit if a takeover is agreed, Investment Week understands.