london stock exchange welcomes nucleus financial group plc to aim
Nucleus Financial Group plc operates a wrap platform which allows financial advisers to manage, allocate and administer their clients' assets in one place.
The Nucleus wrap platform allows financial advisers to invest their clients' assets directly or via various 'tax wrappers' into a broad range of asset types, including cash, unit trusts, OEICs, ETFs, investment trusts and other securities. The Company's platform allows financial advisers to carry out investment transactions on behalf of their clients, and review the valuation and performance of their clients' assets via a digital portal.
The Company operates principally from its headquarters in Edinburgh. It was formed in 2006 by advisers committed to altering the balance of power in the financial services industry by putting the client centre stage.
Since then, Nucleus has established itself as a major force for change, becoming one of the fastest growing platforms in the UK.
Nucleus provides independent wrap platform services to over 2,000 adviser users across more than 800 financial adviser firms and is responsible for assets under administration ("AUA") of £14.3 billion on behalf of more than 90,000 customers as at 31 May 2018.
Admission to the AIM market is being sought via a placing of 17,530,543 ordinary shares at a price of 183p, equating to a market capitalisation on admission of £139.9 million.
Listing the business provides a route for Nucleus to introduce a simplified capital structure, offer existing shareholders liquidity and improve Nucleus’ public profile to boost competitive positioning. It will also create the option for Nucleus to raise capital for future specific projects and M&A opportunities to accelerate growth and incentivise management and staff by way of share incentive schemes.
David Ferguson, chief executive officer of Nucleus Financial Group plc, commented:
"Today marks an important milestone in the Nucleus journey, and demonstrates we are a mature business with the backing and support behind us that is ready to see us continue to evolve.
"We remain committed to keeping the interests of advisers and their clients at the heart of everything we do and will continue to deliver on our stated aims of creating better outcomes for advisers, clients and all who partner with us."
Shore Capital is acting as Nominated Adviser, Sole Bookrunner and Broker to the Company and Craven Street Capital Limited is acting as Financial Adviser to the Company.