Board departure

Ferguson quits Nucleus following acquisition

David Ferguson

Leaving: David Ferguson

Nucleus founder David Ferguson is to leave the company following its £145 million acquisition by James Hay.

Mr Ferguson will step down from the board with immediate effect and his responsibilities will be taken on by CEO Richard Rowney.

The change was anticipated last month when board changes were announced without any mention of a new role for Mr Ferguson.

In a statement issued today it was stated that the Nucleus and James Hay platforms will continue to operate separately for the immediate future, though the Nucleus name has been chosen to be used for the group’s combined future platform proposition for advisers. 

Mr Rowney, Group CEO, will assume day-to-day responsibility for the leadership of the enlarged group, comprising both Nucleus and James Hay.  He will take on the responsibilities of Mr Ferguson “who has decided to move on and pursue other opportunities, after a period of handover”.

Daily Business noted the omission of a role for David Ferguson

The statement added that “David will be standing down from the Nucleus Board with immediate effect.   Richard will be supported by a highly experienced leadership team to take the enlarged group forward.”

Mr Ferguson said: “It’s 23 years since we started work on a collection of ideas that eventually led to the near £20bn platform that Nucleus is today.

“We aimed to create something that was truly collaborative, and it was my privilege to do this with some of the most talented people in the industry.

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