Nucleus posts £1m profits as it explores new adviser stake options

Platform provider Nucleus has posted a £1.1m pre-tax profit for the first half of 2014, up 85 per cent from the same period the previous year.

The firm, which is 51 per cent adviser-owned, increased assets under administration by 32 per cent to £7bn over the period, up from £5.3bn in the first half of 2013.

Nucleus saw £965m inflows, up 15 per cent from £837m in 2013 and also moved onto new Bravura Solutions technology platform Sonata.

Business development director Barry Neilson says the firm is currently exploring how it can continue to offer advisers the opportunity to buy shares in the firm.

In July last year Nucleus confirmed it had axed its previous share offering which saw advisers take a proportion of shares based on the assets they put with the platform.

However, post-RDR this would have breached adviser charging rules.

Neilson says: “We think these results show the scalability of our platform and the increase in profits has been particularly pleasing.

“We are currently looking at how we can allow advisers to continue to take stakes in the business as we think this is an important element in the success of the firm.”