Sale pondered

Nucleus buyer ‘already looking to sell stake’

David Ferguson
David Ferguson: left Nucleus after sale of company (pic: Terry Murden)

A private equity firm behind the merger of James Hay and Edinburgh-based Nucleus Financial is said to be looking to sell at least a part of its stake in the platforms.

Epiris paid £206m in 2019 for James Hay’s parent company IFG in 2019. James Hay was de-listed and then snapped up AIM-quoted Nucleus for £140m in August 2021.

That deal created a combined business that is now the fifth largest adviser platform in the UK with some £48bn in assets under administration.

Nucleus founder and CEO David Ferguson left the company following completion of the deal.

Financial News reports that an information memorandum of a sale has been finalised by Epiris although it is also stated that Epiris is considering whether to bring in another investor to capitalise on the opportunity it sees in the adviser platform space.

Epiris sold IFG’s wealth management business, Saunderson House, for £150m to fellow wealth manager Rathbones. 

A number of advice firms and adviser platforms, such as True Potential, Parmenion, Novia, AFH, have been bought by private equity houses.

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