Nucleus targets first profits in 2009

Founded in 2006, the IFA-owned wrap currently has just over £500m in assets on the platform, with the figure needed to achieve a profit expected to be around £1.2bn. At launch, Ferguson predicted the platform would require closer to £800m in assets to break into the black. “We have three times as many advisers signed up than we thought we would at this stage, but fewer assets per adviser than we expected,” Ferguson says. “We will eventually break even later than we would have liked, but that is real life." Nucleus has 59 IFA firms signed up with an equity stake in the business so far. ...