Nucleus chief operating officer to join Elevate

Mr Smith, who spent six years at Nucleus, will take responsibility for the platform design and build as chief operating officer of Elevate.

He said: “I recognise Axa Wealth as being a leading platform provider in the industry today, and one whose ambitious strategy promises to further enhance its presence in what is becoming an increasingly competitive market.”

Mr Smith said he was proud of what he had achieved at Nucleus but was ready for a new challenge.

Mike Kellard, chief executive of Axa Wealth, said: “The appointment of Mr Smith is a demonstration of our commitment to both attract and develop the very best people in the industry, and furthers our ambition to make Axa Wealth the leading wealth management company.

“Securing Mr Smith will help further develop the strength of our overall adviser offer ahead of the introduction of RDR.”

Commenting on the departure, Nucleus chief executive David Ferguson said: “As one of the best problem solvers in the platform space I can totally understand why a business like Axa would be keen to have him on board and while we are naturally sad to see him go he leaves with our gratitude and thanks.”

The announcement comes after Axa Wealth’s half year 2012 results showed the Elevate platform increased its assets by nearly 50 per cent to more than £4bn over 12 months.