CEO says firm answers critics
Nucleus benefits from pensions and investment reforms
The Edinburgh-based institution, founded and led by David Ferguson (left), said inflows for 2014 totalled £1.9 billion, against £1.7bn in the previous year.
Assets under administration reached £8bn (now £8.9bn), up 27% from the same period in 2013 (£6.3bn)., held at 22%, operating profits climbed by 67% to £2.5m.
The growth in assets boosted turnover by 26% to £23.6 million while operating profits climbed by 67% to £2.5m.
The business handles the clients of more than 800 adviser firms and added 74 firms during 2014.
Doug Heron, chief financial officer, said: “By any measure, these are an impressive set of results for a business operating in a growth phase. Better yet, beneath the numbers is a compelling story of investment and strengthening, including our upgrade to the most modern platform technology available, that sees our business enter 2015 in fantastic shape.
“The new opportunities created by this month’s retirement reforms and RDR [retail distribution review] continue to benefit advisers and their clients alike and we are pleased to continue developing our position as a credible market participant.”
Mr Ferguson, chief executive, said: “Our full year results represent further solid financial progress. Having been derided by legacy players for not having deep enough pockets, it’s now moderately pleasurable to feel them getting a little heavier every month.
“Our collaboration with forward-looking advisers is gaining ever-more traction and shows what can be achieved by a small team which always puts the customer centre stage.
“We are now operating with a stronger team than ever before, with leading-edge technology and pretty unimaginable opportunities to grow the business over the coming years. Bring it on!”