Ferguson’s Seccl sees rise in AUM and client roster
Adviser platform Seccl has seen its assets under management (AUM) and client numbers grow sharply, while it recorded an increased loss following a hiring spree.
Seccl, which is run by former Nucleus founder and CEO David Ferguson, had 128,703 active clients on its books for the year to April, up from 91,713 in April 2022 and 19,063 in 2021.
The company’s AUM jumped from £509m to £905m while the number of firms using the platform rose from 15 to 21 and staff numbers increased from 76 to 103, raising the wage bill from £4m to £7m. The Bath-based business last summer opened an office in Edinburgh which now accounts for 20% of the total staff.
The investment in the business saw pre-tax losses almost double from £6.3m to £11.1m. Chief executive David Ferguson, who founded Nucleus in 2006 before joining Seccl in April 2022, said the company “always expected” losses to grow in 2023 as a result of hiring more staff.
Ferguson left Nucleus in September 2021 after it was acquired by James Hay.
Seccl was acquired by Octopus Investments for £10m in 2019.