Fri, 09 Feb 2024 | BUSINESS SALE
Adviser platform group Nucleus Financial Platforms has acquired investment platform and wealth management software provider Third Financial. The acquisition will expand the platform solutions that Nucleus offers to advisory firms and give the firm access to Third Financial’s proprietary technology.
This will enable the company to offer an enhanced “adviser-as-a-platform" proposition to larger clients who wish to offer their own platform. Research from NextWealth has indicated that a growing number of larger advisory groups are considering setting up their own platforms in an effort to improve operational efficiency, increase revenue and reduce risk.
Third Financial provides a front-to-back software solution for wealth management, with the company’s clients including wealth managers, adviser consolidators and multi-family offices. Over recent years, the firm has seen strong organic growth, with revenues up by more than 30 per cent in 2023.
The company has more than 50 UK clients, with around £6 billion in assets under administration (AUA) on its platform, as well as a further £40 billion administered via its Tercero software system. The deal is expected to take Nucleus’ AUA to around £90 billion.
Nucleus says that the deal fully aligns with its strategic ambition of building scale and expanding its offering via both acquisition opportunities and organic growth.
Richard Rowney, Chief Executive Officer of Nucleus, said: “We’re delighted to announce the acquisition of Third Financial. 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. Their focus on innovation and client centricity has clearly differentiated their business, establishing them as one of the leading investment platform providers, and they will be a great addition to our group.”
Ian Partington, Group Chief Executive of Third Financial added: “A crucial factor in the decision to join Nucleus is that we feel very culturally aligned. Delivering excellence for our clients has always been core to our success, and in the Nucleus team we found that quality fully reflected.”
“Now with our combined expertise and resource we can deliver even more to existing and future clients both in terms of products and service. Collectively our focus will remain on running a stable and profitable expanded service, continuing to support clients so they can deliver great outcomes for their customers.”
Read more about the ongoing wave of wealth management M&A
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