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.

“I hope we’ve been able to make a contribution towards the positive changes in the profession over the years, and with the company now becoming a key part of a much bigger picture with James Hay, it feels like the right time for me to move on and consider a new challenge.

“I hand over to Richard and wish him, his leadership team and all my colleagues, new and old, best wishes for the future.”

With c£47 billion of assets under administration, the group is now one of the largest adviser platform providers in the UK, with the scale to enable greater investment in technology, products, and service for the benefit of advisers and their clients. 

The senior leadership team comprises: Richard Warner, Chief Operating Officer, Alex Kovach, Chief Commercial Officer and Alison Longbottom, Chief People Officer,

Mr Rowney commented: “We remain very excited by the combination of these two great businesses and are fully focused on taking the best of both firms forward as we create the leading retirement-focused adviser platform.

“The skills and talent within these organisations, combined with the significant scale of our combined group will enable greater investment in products, price and service, and ultimately meet the developing needs of advisers and their clients. 

“Today’s announcement is a significant milestone, enabling us to harness what is best from both businesses, on behalf of our customers. I would like to reiterate our great respect and admiration for what David Ferguson has achieved as a founder of Nucleus, and on behalf of everyone I would like to wish him all the very best for the future.”

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