The £242m merger of platform Nucleus and SIPP and SSAS supplier Curtis Banks has acquired regulatory approval after the conclusion of a assessment by the Competitors and Markets Authority (CMA).
Nucleus says the deal will create an £80bn adviser platform group.
The 2 firms will proceed to function individually in the interim however Curtis Banks will ultimately be rebranded beneath the Nucleus banner.
In July Nucleus self-referred the merger to the CMA which has now mentioned it is not going to launch an investigation into the deal because it doesn’t current competitors points. Because the merger has now been given the inexperienced mild by the CMA it will probably transfer forward.
Nucleus mentioned the Monetary Conduct Authority (FCA), Prudential Regulation Authority (PRA), and Solicitors Regulation Authority (SRA) have all now issued their approvals, and the Competitors and Markets Authority (CMA) has concluded that the transaction “doesn’t qualify for investigation beneath UK merger management regulation.”
Nucleus mentioned the mixture of the 2 corporations will create a “main retirement-focused adviser platform” with roughly £80 billion of belongings beneath administration. The mixed platform will work with practically 5,000 advisers and practically 250,000 prospects.
The group says the “transformational deal” will unlock additional funding in expertise, individuals, merchandise, value and repair for the advantage of advisers and their prospects.
For the instant future each companies will proceed to function autonomously and there will probably be no instant change for advisers or shoppers of both enterprise, Nucleus mentioned.
Peter Docherty, presently Interim CEO of Curtis Banks, will proceed to steer Curtis Banks reporting to Richard Rowney, group CEO of Nucleus.
Richard Rowney, CEO of Nucleus, mentioned: “We’re happy to have now acquired regulatory approval, and sit up for finishing this transformational deal within the coming weeks. We’ll then begin working intently with our new colleagues at Curtis Banks to convey collectively our companies and supply a best-in-class service to the advisers we serve.
“We’re creating one of many largest adviser platform teams within the UK with belongings beneath administration of c.£80bn. Curtis Banks will probably be an necessary a part of our group, bringing award-winning SIPP and SSAS choices, which is able to assist us in our goal of serving to make retirement extra rewarding.”
Peter Docherty, interim CEO of Curtis Banks, mentioned: “Receiving regulatory approval is a key milestone within the acquisition course of. As soon as the transaction completes we are able to begin to convey our companies collectively in a thought of, aware and sensible means, making certain we have now the most effective mixture of applied sciences, operations and construction that may ship the group’s technique.”
The acquisition was authorised by Curtis Banks shareholders in February however stays topic to a court docket sanction listening to which is predicted to finish within the coming weeks, Nucleus mentioned.
• Story up to date to clarify that Nucleus self-referred the merger to the CMA in step with competitors guidelines.