It added: “We respectfully disagree with the conclusions as our 2022 targets are all on track. We believe the opinion was based on an incomplete knowledge of our business and lack of understanding of the sector.
“We’ll continue to focus on delivering our plans to continually improve the service, price, and products we offer, through our scale.”
Curtis Banks, Dentons & Wealthtime
Last month, a Mergermarket report suggested Novia’s private equity owner AnaCap Financial Partners could be looking to sell Wealthtime in the next 12 months.
Currently, Wealthtime has around £2.6bn in assets and 9,726 clients.
Nucleus’ Sipp target Dentons last made an acquisition in January 2021, when its Sipp book stood at £6.6bn and 7,600 clients.
Sipps are typically the largest pot of money for the majority of savers and are a core wrapper on platforms, alongside the Isa, general investment accounts and bonds.
“If you can get an investor's pension, the convenience of the platform may encourage them to simplify their wealth by subsequently bringing across the non-pension assets to manage them in one, convenient place,” one industry source told FTAdviser.
“If you can acquire books, particularly a sizeable book of business regardless of the wrapper, it will enhance the overall attractiveness and value of business as we have seen historically, particularly with Embark, prior to the Lloyds purchase.”
Embark sold to Lloyds for £390mn in July 2021.
Curtis Banks and Novia declined to comment. Dentons did not respond to a request for comment.
Nucleus also declined to comment on the topic of potential acquisitions.