James Hay has said it is still "hoping" to soft launch its new FNZ platform at the back end of this year, but "so be it" if this launch spills over into early next year.
Conway spent eight years at James Hay before he left in October 2020, after its parent company was sold to private equity owner Epiris for £206mn in 2019.
'No hurry' for Nucleus
James Hay now sits under the Nucleus brand, following the acquisition of Nucleus by James Hay’s owner Epiris. Less than a year after this deal, Epiris shrunk its stake in the platforms and sold a portion to HPS Investments.
Rowney has since said HPS is “at the longer time of investment horizons”, being both a private equity and credit provider. As long as their investments are growing and paying a dividend or return, he said HPS will keep its stake in the platforms for at least five to seven years.
The Nucleus platform is currently on Bravura’s technology and has signed a contract with the provider until 2025.
“There is no hurry from the Nucleus side to migrate advisers,” Rowney confirmed to FTAdviser in March. "There is, however, a burning platform on James Hay."
The value of James Hay and Nucleus combined sits at around £700mn. The group’s combined assets on the platform sit at around £50bn.