Pension provider James Hay to buy Nucleus for £145m
James Hay will buy investment platform business Nucleus for £144.62m, merging to form a financial planning and retirement adviser platform with AUA of £45bn.
Following the acquisition James Hay intends to merge the firms’ operations, to create what it hopes will be a leading financial planning and retirement-focused platform for the financial adviser market.
Nucleus’s board has recommended shareholders vote in favour of the offer. The company’s largest shareholder Sanlam, which has a 52 per cent stake in the firm, has agreed to back the deal.
The acquisition is subject to shareholder and Financial Conduct Authority approval but Nucleus said it expected to complete in the second quarter of 2021.
Nucleus CEO David Ferguson, who launched the company in 2006, said: “Becoming part of this enlarged group gives us a key role in a much bigger story where we can create a leading independent platform of scale with a high tech, high touch proposition and philosophy.
“I think the combination of our people’s talents and the size of the opportunity can see us carefully navigate the roadmap to deliver on this collective medium-term goal.”
James Hay CEO Richard Rowney added: “We admire much about Nucleus and the skills within its team, and look forward to working with them to better serve the growing needs of advisers.
“By joining forces, we can combine Nucleus’ reputation for great digital user-experience and James Hay’s pension specialism, creating greater strength and a platform with the scale to invest and deliver real value for advisers and their clients.”