IFA-owned wrap Nucleus hits profitability

Turnover for the first three months of the year on the wrap increased by 50 per cent to more than £3m and a loss in Q1 2011 turned into a small Q1 2012 profit.

The quarter also saw the number of member firms increase by 26 and total assets on the platform grow to more than £3.8bn.

David Ferguson, founder and chief executive officer, said: “We’ve flirted with profitability in the past but this time it’s different - this is the start of a long term relationship.

“To be debt-free, profitable and working for such a great bunch of quality advisers makes this a big moment for the business.”