Inflows double at Nucleus as latest acquisition completes

Inflows double at Nucleus as latest acquisition completes
David Ferguson, chief executive of Nucleus

Inflows doubled at Nucleus as advisers pumped £166m onto the adviser platform.

In a trading update published today (December 11), Nucleus reported net inflows of £166m between September and December 9 — 102 per cent more than in Q3 this year.

The platform’s total assets under administration stood at £17.3bn, an increase of 7 per cent over the same period, boosted by £1bn of positive market movements.

Nucleus said outflows had reduced "significantly" over the year, down by a fifth on the same period in 2019.

The results come after Nucleus recently confirmed it had received proposals from both James Hay and Transact to buy the wrap platform.

Advice network Sanlam currently owns around 52 per cent of Nucleus and it is supportive of a potential sale.

The results also confirmed the platform had completed its acquisition of part of OpenWealth’s UK business, a move which will bring the assets and people that provide operational services to Nucleus “in house”.

Nucleus has previously told FTAdviser the deal would make it easier and more efficient for the company to make improvements across all parts of the business.

David Ferguson, Nucleus' founder and chief executive, said: "I am delighted that the acquisition of the relevant assets of OpenWealth has been completed. 

“I very much welcome the OpenWealth team into the Nucleus group and look forward to working with them closely as we continue to grow the business."

The results also revealed the platform’s new discretionary fund management service, Nucleus IMX, will be launched to a wider audience from January 1 after a “successful soft launch” and that it had formally agreed an “enterprise relationship” with a new adviser network.

Mr Ferguson said: "We came into 2020 in great shape and as flows dipped through the height of the pandemic, we chose to maintain our focus and continue to invest in the things that make the greatest difference to our users, in the expectation that momentum would return as it has. 

"We will close the year having delivered several major product enhancements, completed the acquisition of the relevant OpenWealth assets, landed our first enterprise firm and started the roll out of our new model portfolio service, Nucleus IMX, all while maintaining operations and service levels through the crisis."

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