Nucleus assets hit £19bn ahead of takeover

Nucleus Financial's Edinburgh HQ

Edinburgh funds platform Nucleus Financial Group — which has agreed to a £145 million takeover by investment firm James Hay — said on Friday its assets under administration rose to £18.9 billion as of June 30, 2021, up 19.2% year-on-year and 5.1% on the previous quarter.

“The James Hay takeover offer received shareholder acceptances in excess of 94% and was declared unconditional as to acceptances,” said Nucleus in a stock exchange update.

“The change in control application is currently pending approval from the FCA.”

Gross inflows of £578 million were achieved in the second quarter, a 50.5% increase on Q2 of 2020. Net inflows were £193 million, up 17% against Q2 2020.

Following the acquisition of OpenWealth in December, a new Glasgow office was opened in May.

Nucleus’ founder and CEO David Ferguson said: “The first quarter of 2021 was incredibly strong for new business activity, and it was pleasing to see inflow momentum continue throughout Q2 and to reach £19bn of AUA following the quarter end.

“It was a particularly resilient performance given the ongoing uncertainty of the takeover process and reflects the ongoing achievements and fortitude of our people along with our commitment to continually improving the core platform proposition for our users.”