Platform technology provider FNZ took a stake in its client Nucleus prior to the platform’s recent acquisition of Sipp provider Curtis Banks, it has emerged.

FNZ IP Ventures, part of FNZ, now owns a 7% stake in Nucleus which was valued at £700m when its last equity round took place, in March 2022, which resulted in HPS Investment Partners taking a majority stake.

FNZ is now the third-largest shareholder in Nucleus, which was established In Edinburgh by David Ferguson and Philip Martin.

Nucleus was acquired by James Hay Partnership and is now headquartered in Swindon.

It announced last year that it plans to move Curtis Banks’ platform administration to FNZ. It is already set to replatform its James Hay and Nucleus platforms to FNZ technology.

Nucleus’ existing contract with platform tech provider Bravura expires in November 2025, meaning the replatforming should be completed within the next two years.

FNZ has previously invested in one of its UK platform clients. In 2019 it took a 9.1% stake in Embark.