Adviser-built wrap Nucleus added more than £1bn of new assets in the first six months this year, with inflows up 5 per cent on the £973m added during the same period in 2014.
The platform’s first half results showed total assets under administration up 22 per cent at £8.8bn, from £7.2bn this time last year.
This growth came on the back of turnover increasing by a third to £14.8m during the first six months of 2015, up from £11.1m in 2014, meaning operating profits hit £2.4m.
Nine years after inception, Nucleus now counts a user community of more than 400 adviser practices across the UK.
Speaking to FTAdviser, founder and chief executive David Ferguson said that the plan is to accelerate the development programme and to move into 2016 delivering improved service levels for users.
“It is all about building on the technology upgrades that we did last year to give our advisers better usability, functionality, reporting and automation.”
During the first half, Nucleus brought a new business process outsourcing provider on-board and more recently launched a new portfolio planning tool as part of a regular programme of on-going development.
As for the second half of the year, Mr Ferguson said that he expects another £1bn of assets to flow onto the platform, a trend partly driven by the pension freedoms.
“It seems like post 6 April, half the market is really winning and the other half is really struggling; thankfully we appear to have got the right side.”
He added that it is Nucleus’ focus on working with the right adviser firms that has helped its rapid growth. “Our business model has always been set up for the future, and I don’t think some of our rivals have been set up like that, there’s a definite lack of focus.
“Other platforms have spread themselves a bit too thin and in the post-RDR shake-up, if your users aren’t winning then you won’t either.”
peter.walker@ft.com
