Nucleus has confirmed its intention to float on the London Stock Exchange's AIM market, in a deal reports have suggested could value the business at £150m. Dealing in the shares is expected to start later this month.
The Edinburgh-based business, which provides independent wrap platform services to more than 2,200 adviser users across more than 800 financial adviser firms, is responsible for some £14.3bn assets under administration on behalf of more than 90,000 customers. According to Nucleus, the placing will be in respect of already existing ordinary shares held by certain financial advisers, employees and directors, with no new shares being issued, and therefore no proceeds receivable by the company. Why the sudden craze for platform floats? On admission, Sanlam UK is expected to be a major...
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