Platform beats market
Nucleus Financial ‘positive’ as assets rise sharply
David Ferguson: ‘we remain positive’
Wrap platform Nucleus Financial said that despite the Covid-19 outbreak assets under administration (AUA) in the three months to 30 June grew 13.1% to £15.8bn on the previous quarter and 3.2% year on year.
This exceeded growth in the FTSE All-Share Index which saw a 9.8% rise on the last quarter and fell by 15.9% year-on-year.
Gross inflows at the Edinburgh-based firm of £384m were achieved in Q2, a reduction on the previous quarter as a consequence of the Covid-19 pandemic. Despite this, gross inflows for H1 increased by 1% year-on-year.
Outflows from the platform reduced by 41.9% in Q2 2020 compared to Q2 2019 and by 25.1% for H1 2020 compared to H1 2019.
Net inflows for Q2 2020 increased by 48.6% year-on-year and H1 2020 net flows increased by 76.7% year-on-year to £433m.
Advisers actively using the platform increased by 3.3% year-on-year to 1,428 and remained at similar levels to Q1.
Customer numbers increased by 4.3% year-on-year to 99,797 in Q2 2020 and broke 100,000 in early July.
David Ferguson, Nucleus’ founder and CEO, said: “The Covid-19 pandemic has had a significant impact on all our lives over the last four months and will have a continued impact for a time to come. In this type of situation, we can only control our response to the circumstances, and I’m pleased with how the business has responded.