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Wrap firm growing

Nucleus sees rise in profits and AUM

David FergusonNucleus Financial, the Edinburgh-based wrap platform, has seen a sharp increase in full-year profits and assets under administration

Annual taxable profits were up 21% to  £4.3 million on a like-for-like basis while at the end of the year the company managed £11.4 billion for clients, a rise of 23% on the year before. It has since risen to £12.2bn.

Founder and chief executive David Ferguson (pictured), who was appointed a government ambassador to stimulate the fintech sector, said: “This year will see a further increase in investment in our core platform technology, our people and in broadening our user proposition.

“This investment is critical in ensuring we can deliver a regular cycle of platform improvements in 2018 and beyond, as well as widening our range of services.”

Net inflows for the full year totalled £1.1bn, a slight dip on the previous year’s figure of £1.3bn but the firm said this was in line with the decline seen across the advised platform market.

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