IntegraFin Holdings, the parent company of adviser platform Transact, has reported a 1.9% drop in funds under direction in its second quarter as global markets took a tumble.

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

Schroder’s Cazenove Capital business is to acquire London-based UHNW family office Sandaire in a drive to expand its wealth management business globally.

Ian Taylor, one of the founders of Transact and a former chief executive, is to step down as an executive director of the platform’s parent in February as he heads for retirement.