It’s been a little while since we last checked in on the state of the UK electronic investment transfers and re-registration market. A lot has happened over the past 12 months, and it’s safe to say the market is steadily evolving—particularly in the Wealth Management, D2C/Execution Only, and Pensions segments.
Let’s look at the key developments from Q1 2025 and what lies ahead.
Steady Growth Across the Board #
In the 12 months leading up to Q1 2025, we’ve seen continued growth in the number of live counterparties actively supporting electronic transfers. Notably, this includes several major players across Wealth Management, D2C, and Pensions.
The volume of completed electronic transfers has also seen a modest uptick, aligning with broader growth in Assets Under Administration (AUA) across the main market sectors.
Major Standards Upgrade: More Assets, More Currencies #
The most significant update over the past year has been the enhancement of the TeX/UKETRG standards. We’ve moved from supporting just two places of settlement (CREST and UK Funds) in a single currency (GBP), to a much broader framework, including:
• 34 Places of Settlement (PSETs)
• Multi-currency support
This expansion opens the door to a wider range of asset classes being re-registered electronically, offering greater flexibility and efficiency for firms and investors alike.
E&I Messaging: A Game Changer for Transfers #
Another notable improvement to the TeX/UKETRG standards is the introduction of Enquiry & Information (E&I) messaging. Think of it as instant messaging for transfer queries—designed to streamline communication between counterparties.
Acquiring parties can now leverage E&I messages for additional information and follow up on unclear rejections systematically. With a three-day SLA for responses, E&I messaging makes it easier to chase, clarify, and progress transfers—cutting down on the traditional back-and-forth that slows the process.
Market Coverage: Who’s In? #
Here’s a snapshot of the current market adoption of TeX/UKETRG standards across key segments:
Adviser Platforms
- 27 platforms, covering 99.3% of AUA, support electronic transfers.
- All top 20 platforms are onboard.
- 16 platforms (53.5% AUA) use Equisoft/transfer.
D2C Platforms & Execution-Only Brokers
- 36 platforms support electronic transfers.
- All top 10 D2C providers are live.
- 28 use Equisoft/transfer.
Wealth Managers & Private Clients
- 99 firms support electronic transfers.
- 8 of the top 10 by AUM are active.
- 95 use the Altus Transfer Gateway (ATG).
White Labels, Family Offices & Charities
- 26 organisations support electronic transfers.
- 21 use Equisoft/transfer.
Custodians & Intermediate Unit Holders
- 10 firms now support electronic re-registration.
- 6 are powered by Equisoft/transfer.
Fund Managers
- 199 firms, representing 95.6% of UK Retail and Private Client funds by FUM (IA – Oct 2024).
- 44 firms (46.7% by FUM) use Equisoft/transfer.
Pension Providers
- 33 providers support open-standard electronic transfers and re-registration.
- 17 are using Equisoft/transfer.
What’s Next?
Looking ahead, we expect continued growth in participation from Wealth Managers, D2C platforms, and Pension Providers. We also anticipate broader adoption of the new capabilities made possible by the TeX/UKETRG updates—namely support for additional asset classes and the expanded 34 PSETs.
Join the Conversation: Making Transfers Better
Shameless plug incoming—but it’s worth it! We’re running a webinar series on “Making Transfers Better”, aimed at helping industry participants improve transfer efficiency and better consumer experiences and outcomes.
Our most recent session covered Rejections and how to reduce the dreaded “Computer says no!” outcomes. You can:
Coming in May: The next webinar will dive into how to get the most out of expanded asset classes and PSETs, including a focus on share class conversions.
If you’re involved in electronic investment transfers, now’s a great time to catch up, get involved, and stay ahead of the curve.
