Nucleus Financial Platforms, the UK adviser platform provider, has completed its acquisition of Third Financial, following regulatory approval from the Financial Conduct Authority (FCA) in May this year.
The acquisition was announced in February as a significant growth opportunity for Nucleus: Third Financial provides an investment platform and front-to-back wealth management software provider, serving discretionary wealth managers, multi-family offices, and adviser consolidators.
Nucleus said the deal increases its capability in the ‘adviser-as-a-platform’ space.
"[We are] now the only large-scale platform group with a comprehensive range of bespoke platform solutions for advice and wealth management firms of all shapes and sizes."
Richard Rowney, chief executive officer of Nucleus, said: "We're delighted to have successfully completed the acquisition and officially welcome our new Third Financial colleagues to the group. At the heart of our offer is the fact that one size doesn’t fit all, and by combining the businesses we can now develop bespoke platform solutions for any client."
"We look forward to the next chapter in our growth journey with the integration of Third, and to developing the opportunities opening up to us to serve the wider wealth sector."
Ian Partington, chief executive of Third Financial, continues to lead the business reporting to Mike Regan, chief commercial officer of Nucleus.
Partington added: "Exceptional service, innovation, and deep knowledge of the financial advice and wealth management market have always been our core values. These are shared by Nucleus and we look forward to the opportunities ahead as part of a larger group."
The group has reported £97bn of assets under administration (AUA), and says it is used by some 5,500 advisers. Third Financial’s software service supports the administration of a further £40bn of assets, according to Nucleus.
