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Nucleus adds Third Financial to expanding platform

Nucleus Financial’s offices in Blenheim Place, Edinburgh (pic: Google)

Nucleus Financial Platforms, which advises 250,000 customers and has more than £80 billion of assets under administration, has acquired Third Financial for an undisclosed sum.

Third Financial is an investment platform and management software provider, serving discretionary wealth managers, multi-family offices, and adviser consolidators.

Nucleus was founded in Edinburgh by David Ferguson and Philip Martin and retains offices in the city. HPS Investment Partners bought a majority stake in the company less than a year after it was acquired by private equity-backed James Hay.

Now headquartered in Salisbury, it sees an opportunity in the Third Financial deal to extend the platform solutions it offers advisory firms of all sizes.

The London-based business has delivered strong organic growth in recent years, with revenue increasing by more than 30% in 2023. It has over 50 clients in the UK with £6bn of assets under administration on its platform and a further £40bn of assets administered via its software system.

On completion, the group’s platform AUA is expected to be circa £90bn.

Commenting on the Third Financial deal, Nucleus chief executive Richard Rowney said: “By combining our scale, expertise and relationships, with their innovative technology, we’ll be able to offer a broader proposition to serve the needs of wealth managers and advisory businesses across the sector.

“We’ve long admired the team that Ian has built at Third Financial and what they’ve achieved.”

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