Nucleus assets soar as rivals struggle to replatform

Nucleus assets soar as rivals struggle to replatform

Nucleus has reported its assets under administration now stand at £14.3bn.

This represents an increase of 5.6 per cent over the first half of the year compared to a fall in the FTSE All-Share index of 0.5 per cent.

It also marks a massive increase of 15.6 per cent over the last 12 months, according to the independent wrap platform provider.

David Ferguson, chief executive of Nucleus, said: "I am pleased to report continued growth in active advisers, AUA and revenue despite ongoing market volatility.

"Our core audience continues to perform in line with expectations, supported by the increase in active advisers."

In other positive news, it also reported it had 1,357 active advisers at the end of the period, which is up 3 per cent over the period and 7.2 per cent over the last 12 months

First half of the year revenue hit £21.7m, which was up 11 per cent compared with the first half of 2017.

Nucleus's growth comes as rivals Aviva and Aegon have been hit with replatforming problems.

Over the May Bank Holiday weekend more than 400,000 users of the Cofunds retail platform and £37bn of assets were moved across to the Aegon Platform.

Aegon bought Cofunds in 2016 for £140m and has been planning the integration of the two platforms ever since.

Since the replatforming, FTAdviser received feedback from advisers around the country that reported difficulties using the revamped platform.

Aviva's platform was unavailable for six days beginning on the evening of 17 January and just one day after it came back online advisers and their clients found themselves locked out.