The acquisition by adviser platform Nucleus’ of fintech Third Monetary has gained approval from the FCA, taking the deal a step nearer to completion.
The deal was first introduced in February.
Third Monetary is a supplier of white label funding platforms and software program.
Nucleus says the acquisition, for an undisclosed sum, will enhance Nucleus Property Underneath Recommendation to round £90bn.
The acquisition can even give Nucleus the flexibility to supply ‘adviser-as-a-platform’ companies, enabling adviser companies to supply their very own white label platform, a fast-growing section of the market.
London-based Third Monetary will proceed to be led by current chief government Ian Partington.
Richard Rowney, CEO of Nucleus, mentioned: “We’re happy to have obtained regulatory approval and now look ahead to welcoming the Third Monetary staff into our group. The acquisition extends and enhances our current enterprise and ‘adviser-as-a-platform’ proposition, enabling us to supply a full spectrum of platform fashions to advisers, consolidators and DFMs of all kinds.”
Nucleus Monetary Platforms at the moment has over £80bn of property beneath administration for 250,000 clients and owns plenty of subsidiaries together with James Hay, Nucleus and SIPP supplier Curtis Banks, a current acquisition.
Third Monetary gives an funding platform and wealth administration software program. It serves discretionary wealth managers, multi-family workplaces and adviser consolidators.
Third Monetary has seen development in recent times with income rising by greater than 30% in 2023, it mentioned. It has over 50 purchasers within the UK and a complete of £6bn in property beneath administration on its platform and an extra £40bn of property administered through its software program system Tercero.
Nucleus says the acquisition will give it the flexibility to increase platform options to advisory companies of all sizes.
In addition to an current retail retirement platform and specialist SIPP and SSAS merchandise, Nucleus will profit from Third Monetary’s proprietary know-how, Nucleus says. It expects to supply its ‘adviser-as-a-platform’ proposition to bigger adviser companies who need to provide their very own platform.
