Nucleus has announced that it will purchase Curtis Banks Group in a cash deal, which on completion will create a retirement-focused adviser platform with about £80bn of assets under administration (AUA).
The cash deal, announced today (6 January), will be worth approximately £242m.
The acquisition is conditional on approval by Curtis Banks shareholders and the receipt of clearances from relevant regulators. It is expected to complete in Q2.
The deal will combine Curtis Banks' self-invested personal pension (SIPP) and self-administered pension schemes (SSAS) product offering with Nucleus' reputation in the platform market with the aim of creating a more comprehensive proposition to support advisers.
Advisers currently served by Curtis Banks will also have access to a broader suite of platform services available within the Nucleus' existing offering.
In addition, Nucleus announced that the board of Curtis Banks has unanimously recommended that shareholders vote in favour of the transaction.
Nucleus chief executive Richard Rowney said: "We're delighted to be announcing the acquisition of Curtis Banks, which on completion will become part of our leading independent adviser platform group, with approximately £80bn in combined AUA.
"Our ambition remains to create the UK's leading platform, exclusively for financial advisers to help them make retirement more rewarding for their customers. We're already demonstrating the benefits of scale, enabling investment in technology, people, products, price and service.
"As one of the UK's largest independent SIPP and SSAS providers, Curtis Banks not only adds further significant scale to our business but will complement our existing expertise and benefit our combined adviser base providing added flexibility and optionality."
Curtis Banks executive chair David Barral said: "The board of Curtis Banks is pleased to be recommending the Nucleus Group's offer for the company, which represents a significant premium in cash and offers certain value for our shareholders.
"The combined group's greater scale, efficient platform, broader product proposition and enhanced ability to invest in technology and service will benefit all stakeholders."
In August 2021, James Hay Partnership acquired Nucleus Financial Group and combined both businesses to create the Nucleus Group, a new group with the scale to invest in technology, product, price, and service. The major shareholders of the Nucleus Group are HPS and Epiris.
