NUCLEUS Financial Platforms, which employs nearly 500 people across its offices in Glasgow and Edinburgh, has secured regulatory approval to clinch a “transformational” acquisition.
The company, which offers online platforms that allow people and advisers to manage their investments, will take over Curtis Banks, after the competition watchdog ruled that the deal does not qualify for investigation under UK merger control law.
The deal was now won the approval of the Financial Conduct Authority, Prudential Regulation Authority, and Solicitors Regulation Authority.
Nucleus said the transaction, which was first announced in January, will create a retirement-focused adviser platform with approximately £80 billion of assets under administration, and nearly 5,000 advisers looking after around 250,000 customers.
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Curtis Banks will ultimately be rebranded as Nucleus. Peter Docherty, the current interim chief executive of Curtis, will continue to lead the Curtis business, reporting to Richard Rowney, group chief executive of Nucleus.
Mr Rowney said: “We are pleased to have now received regulatory approval and look forward to completing this transformational deal in the coming weeks. We’ll then start working closely with our new colleagues at Curtis Banks to bring together our businesses and provide a best-in-class service to the advisers we serve.
“We’re creating one of the largest adviser platform groups in the UK with assets under administration of c.£80bn. Curtis Banks will be an important part of our group, bringing award-winning SIPP and SSAS offerings, which will help us in our purpose of helping make retirement more rewarding.”
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Mr Doherty said: “Receiving regulatory approval is a key milestone in the acquisition process. Once the transaction completes, we can start to bring our businesses together in a considered, mindful, and practical way, ensuring we have the best combination of technologies, operations and structure that can deliver the group’s strategy.”
Nucleus was established by David Ferguson in 2006 in Edinburgh and built it up to a business employing 400 people in Scotland before its £145 million acquisition by James Hay in 2021. It retained its name further to the deal, further to which Mr Rowney of James Hay took day-to-day responsibility for the enlarged firm. Mr Ferguson left the firm.
Nucleus has 294 staff at its office in Edinburgh, and 188 in Glasgow.
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