Adviser platform business Wealthtime reported a 4% increase in AUA from £8.9bn to £9.2bn in the year to the end of December, despite challenging markets.

Its adjusted profits for the year came in at £10m on revenue of £39.2m.

The firm said it is building AUA as it sets about transforming the platform to adapt to evolving investor, adviser and regulatory needs, and support ambitious future growth.

It said is now well positioned for growth as it embarks on a long-term strategic partnership with Wipro to transform how it operates.

Patrick Mill, CEO of the Wealthtime Group, said: “The year’s results are in line with expectations as we focus on transforming our platform for future growth.”

He said platform businesses are under pressure to balance the evolving needs of investors and advisers alongside fragmented technology, manual processes, increasing regulation and remaining commercially sustainable.

Mr Mill said: “Through our partnership with Wipro, including the strengthened relationship with GBST, we’re creating a unique model in the platform market that positions us for continued growth, while delivering a service that achieves the best outcomes for advisers and their clients.”

The business’s operations and technology functions have now transferred to Wipro through a TUPE process, leaving the firm saying it’s ready to press ahead the next stage of its platform evolution programme.

Mr Mill said: “We’re fundamentally reshaping our offering with a customer-centric approach that integrates technology, innovation, service excellence, and regulatory compliance, delivering meaningful benefits for advisers and clients over the short, medium and long term.”

In April Wealthtime became a fully integrated wealth manager under the new brand The Quanta Group, following the acquisition of Craven Street Wealth

Private equity firm AnaCap Financial Partners owns Wealthtime and Wealthtime Classic. Combined, the platforms have more than £11.9bn of pension and investment AUA and more than 74,000 clients, as of December 2024.