Howard Finnegan
A review of the UK Electronic Investment Transfers Market H2 2021
Written by Howard Finnegan on
As at the end of 2021, 389 live counterparties support electronic account/portfolio transfers and re-registrations.

The second half of 2021 proved to be a period of consolidation, for the world of electronic transfers and re-registrations.  Seven new counterparties went live with electronic transfers; on the other hand, we saw many participants leave, mainly due to M&A activity and some rationalisation among some ACDs and outsource providers. 

As at the end of 2021 there were 389 live counterparties supporting electronic account/portfolio transfers and re-registration across the wealth and investment management value chain.  We continue to see the volume of electronic transfers increase, with the second half of 2021 being 14% higher than the same period in 2020.

Market Coverage

The new participants are major brands in the Wealth Management and Pension Providers market segments. 

Here is a summary of the coverage in the main market segments:

27 Adviser Platforms, representing 99.4% of AUA, support open standards based electronic transfers and re-registration

  • All the top 20 Adviser Platforms support electronic transfers.
  • 19 Adviser Platforms (or 64% of AUA) use the Altus Transfer Gateway (ATG).

35 D2C Platforms and Execution Only Brokers support open standards based electronic transfers and re-registration

  • All the top 10 D2C providers support electronic Transfers.
  • 30 use the Altus Transfer Gateway (ATG).

77 Wealth Managers and Private Clients support open standards based electronic transfers and re-registration

  • 73 use the Altus Transfer Gateway (ATG).

29 White Label/Family Office/Charities support open standards based electronic transfers and re-registration

  • 24 use the Altus Transfer Gateway (ATG).

8 Custodians/Intermediate Unit Holders support open standards based electronic transfers and re-registration

  • 6 use the Altus Transfer Gateway (ATG).

183 Fund Managers support open standards based electronic transfers and re-registration

  • Representing 94% of UK Retail Funds by FUM
  • 40 (or 52% by FUM) use the Altus Transfer Gateway (ATG)

26 Pension Providers support open standards based electronic transfers and re-registration

  • 18 use the Altus Transfer Gateway (ATG)

What can we look forward to in 2022?

The focus for all existing and new participants is the major upgrade to the TeX/UKETRG transfers standards, which will go live at the end of June.  Rescheduled from the October 2021, this upgrade dramatically expands the range of asset classes that can be re-registered electronically by expanding the number of places of settlement from 2 to 13.  It also includes support for Lifetime ISA and Innovative Finance ISA transfers, enhancements to the pension transfers and share class conversion support.

These significant changes will benefit everyone across the market, but participants will need to prepare properly to avoid any interruptions to their automated transfer processing.  We will discuss the upgrade during our ATG User Group on Thursday 3rd of March. If you would like to attend, please contact our Marketing Team

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