REVENUES at Edinburgh investment business Nucleus Financial grew by 11 per cent over the first half of the year as a result of an increase in the level of assets invested on its platform.
The firm, which raised £32 million when it floated on the alternative investment market last month, said revenues for the six-month period were £21.7 million, up from £19.6m for the same period last year.
Read more: Nucleus Financial raises £32m after listing on junior market
The rise came despite Nucleus last year cutting the fees it charges people with large sums invested via its site, with a 15% increase in assets under administration making up for the reduction.
Despite net inflows falling from £850m to £726m, total assets held using the Nucleus platform grew from £12.4bn to £13.3bn.
Last year the firm cut the annual charge for accounts worth between £500,000 and £999,999 from 0.25% to 0.175% and from 0.15% to 0.05% for anything bigger. Fees for accounts worth up to £499,999 remained unchanged at 0.35%.
Read more: Financial firm Nucleus eyes boost from FCA's platform report
Nucleus chief executive David Ferguson said the number of independent financial advisers using the site to invest client money had increased by 3% over the first half to hit over 1,350.
Mr Ferguson added that he was “pleased” that the business had been able to report an increase in revenue and assets under administration “despite ongoing market volatility”.
The business will announce its full results for the period, which will be its first as a listed company, in September.
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