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Nucleus posts increased assets under administration

Nucleus posts increased assets under administration

Assets under administration at Nucleus have gone up by 27 per cent over the past year, as advisers are moving more clients onto the platform, the chief executive has said.

David Ferguson, Nucleus chief executive, said: “Our full-year results represent further solid financial progress.

“Having been derided by legacy players for not having deep enough pockets, it is now moderately pleasurable to feel them getting a little heavier every month.

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“Our collaboration with forward-looking advisers is gaining ever-more traction, and shows what can be achieved by a small team that always puts the customer centre stage.”

At the end of December, the wrap platform had assets under administration of £8bn compared to £6.3bn at the end of the previous year.

Inflows for the full year totalled £1.9bn, up 12 per cent from the previous year.

Background box

Nucleus was founded in 2006 by David Ferguson and Philip Martin, backed by financial advisers. It has more than 140 member firms.

In 2012 Nucleus took ownership of the pension and Isa accounts which were previously provided by Scottish Friendly

Earlier this month the firm developed a specific microsite for advisers wanting to make the most of the pension freedoms.