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 Belongings Underneath Recommendation to round £90bn.
The acquisition may even give Nucleus the flexibility to supply ‘adviser-as-a-platform’ providers, enabling adviser corporations 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, stated: “We’re happy to have obtained regulatory approval and now sit up for welcoming the Third Monetary group 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 sorts.”
Nucleus Monetary Platforms at the moment has over £80bn of belongings below administration for 250,000 clients and owns numerous subsidiaries together with James Hay, Nucleus and SIPP supplier Curtis Banks, a latest acquisition.
Third Monetary supplies an funding platform and wealth administration software program. It serves discretionary wealth managers, multi-family places of work and adviser consolidators.
Third Monetary has seen progress in recent times with income rising by greater than 30% in 2023, it stated. It has over 50 purchasers within the UK and a complete of £6bn in belongings below administration on its platform and an extra £40bn of belongings administered by way of its software program system Tercero.
Nucleus says the acquisition will give it the flexibility to increase platform options to advisory corporations 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.
