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Assets rise

Nucleus enjoys strong quarter ahead of takeover

David Ferguson

David Ferguson: ‘resilient performance’

Nucleus, the Edinburgh wrap platform awaiting FCA clearance of its takeover by James Hay, said it had enjoyed an “incredibly strong” quarter.

Assets under administration for the three months to 30 June rose by 19.2% to £18.9 billion. This was 5.1% higher than the previous quarter.

By comparison, the FTSE All-Share Index increased 17.7% year-on-year and by 4.8% on the last quarter.

There were gross inflows of £578m, a 50.5% increase on Q2 2020. Net inflows were £193m, up 17%.

Advisers actively using the platform increased by 0.5% in Q2 2021 compared to the previous quarter and by 2.6% year-on-year.

Customer numbers increased by 1% in Q2 2021 compared to the previous quarter and by 2.9% year-on-year.

Following the acquisition of the relevant assets of OpenWealth in December, a new Glasgow office was opened in May.

The James Hay takeover offer received shareholder acceptances in excess of 94% and was declared unconditional as to acceptances.

David Ferguson, Nucleus’ founder and CEO, commented: “The first quarter of 2021 was incredibly strong for new business activity, and it was pleasing to see inflow momentum continue throughout Q2 and to reach £19bn of AUA following the quarter end.

“It was a particularly resilient performance given the ongoing uncertainty of the takeover process and reflects the ongoing achievements and fortitude of our people along with our commitment to continually improving the core platform proposition for our users.”

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