James Hay has reached an agreement to acquire AIM-listed rival platform Nucleus for £145m.
The acquisition would create an adviser platform company with £45bn of assets under administration. Nucleus said its medium-term ambition was to re-platform to FNZ technology to align itself with James Hay. Nucleus is currently powered by Bravura technology, while James Hay recently entered into a long-term deal with FNZ. The firms said there would be no technology change for advisers who use either platform in the short-term. Nucleus's board has recommended shareholders vote in favour of the offer. The company's largest shareholder Sanlam, which has a 52% stake in the firm, has agree...
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