Nucleus Financial Group Limited has announced its intention to float on the AIM market of the London Stock Exchange.
The independent wrap platform provider, said in a statement that it is applying for admission of its Ordinary Shares to trading on the AIM market of the LSE, with dealings expected to commence in “late July”.
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 during the process.
David Ferguson, CEO and founder of Nucleus, said: “We started this business in 2006 to create value through greater strategic alignment of advisers and their clients. Our commitment to this goal drives the development of our award-winning platform and has enabled us to grow from AUA of £100 million in 2007 to more than £14.3bn today.”
“Nucleus has been an exciting journey so far and we expect this admission to AIM to mark an important milestone in the business’s maturity and to open up new opportunities for us. We remain committed to keeping adviser/client alignment and transparency at the heart of what we do and to continue developing a market-leading platform and best in class customer service to deliver on our objectives.”
More than 800 adviser firms are currently registered on the Nucleus platform, with over 2,200 adviser users across. The company is responsible for assets under administration of £14.3bn on behalf of more than 90,000 customers, according to company statistics, as at 31 May 2018.
Angus Samuels, chairman of Nucleus, pointed that the business that has been “built in collaboration with advisers” and thanked the adviser community for its support. “This is an exciting moment for the business and one we could not have achieved without the support of our dedicated team and community of supportive adviser users,” he said. “We are looking forward to life as a listed company and the opportunities that lie ahead of us.”
Since the end of 2012, AUA in the advised platform market has grown from £123bn to around £35b0n and is projected to grow to £745bn by the end of 2021, according to research undertaken by Fundscape in its Platform Market Report Q3 2017’s ‘Realistic Channel Projections’.