PlatformsJan 7 2015

Nucleus hits £8bn mark in 8th year of business

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Nucleus hits £8bn mark in 8th year of business

Nucleus’ assets under administration have broken the £8bn barrier in its eighth year since going live.

According to a statement from the firm, the figure was hit on 28 December 2014 following a period of “record” inflows, eight years to the month since the platform went live just before Christmas 2006.

It now has a community of over 450 adviser firms across the UK, with over 6,000 users accessing it on behalf of over 65,000 clients. Third quarter Fundscape statistics put it as the second fastest growing platform and the fourth largest adviser wrap in the UK.

David Ferguson, founder and chief executive, said that while 2014 was a “challenging year” for the firm, it still attracted £2bn of inflows, completed a major technology upgrade and strengthened the senior management team.

This meant “notable progress which helps fuel our excitement for the future”, he said.

The platform finished the third quarter with assets under administration at £7.5bn, up 25 per cent from the same period in 2013, while turnover was up by 25 per cent to £17.2m, leading to a 46 per cent increase in operating profits for Q3 year-to-date.

In November the firm appointed former employee Andrew Smith as its new chief technology officer, rejoining the business this month, while in December it appointed Stephen Tucker, managing director of the Fry Group, as a non-executive director to its board.

peter.walker@ft.com