The wealth technology firm said the launch of its new platform for wealth managers last November has exceeded expectations already in terms of client sign-ups.

Third Financial, which supplies wealth management software and platform services expects that the total assets under management of clients it caters to will get to £1 billion ($1.3 billion) this year, securing sales to a total of 10 clients by the end of June, only six months after launching its Tercero Cloud platform service.

The UK firm said it has already got beyond its mandate of bringing in six clients, it told this publication when asked about a recent press release in which Third Financial spoke of “unparalleled success” with its platform. The platform was launched at the start of November last year.

Asked about any revenue or other financial metrics, Stewart Foster, group chief executive, said the firm’s roster of clients will grow so that next year the AuM total for its customers should pass through the £3 billion level.

Foster said the firm likes to focus on the sub £1 billion AuM market “which has always been traditionally our strength and it is the area of the UK which is showing the most rapid growth”.

The firm argues that its Tercero Cloud is ideal for wealth managers in the sub-£1.0 billion AuM bracket, because it offers strong technology, and all-inclusive charge and personalised service.

WealthBriefing understands that two of the firms using Third Financial’s new platform, for example, are discretionary fund managers in the £250 million range. One of the clients was an existing Tercero software client which, when its software contract ended after five years, became a client of the new platform. That firm goes live on the system in September. The other firm, this publication understands, is a client of Adam & Co, the private bank.