Nucleus profits for Q1 soar 69% to £391,000

Inflows rose 43 per cent from £373m in Q1 2013 to £514m, driving an overall increase in assets under administration to £6.7bn, up 30 per cent from £5.2bn at end Q1 2013, and generating a 29 per cent increase in quarterly turnover to £5.3m from £4.1m in 2013.

The platform has also revealed that its assets passed through the £7bn mark in mid May.

David Ferguson, chief executive of Nucleus, said: “Today’s announcement clearly demonstrates what a strong start to 2014 we are having.

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“With a record-breaking quarter and assets under administration passing through £7bn, we are comfortably ahead of the challenging targets we set ourselves.

“Perhaps most encouragingly, we are continuing to attract more new, active users than ever before.”

Expert view

Holly Mackay, managing director of The Platforum, said: “Nucleus has had a strong quarter. Adviser sentiment remains positive, net sales are strong and AUA continues to inch up. The challenges will be to attract new advisers at a time when we see ongoing consolidation in the space. Nonetheless, we remain positive. Longer term, all eyes are on the ownership structure and what chapter two might look like for Nucleus.”