Nucleus Financial Platforms has completed the acquisition of Third Financial, following the regulatory approval it received from the FCA in May.
As a result of the deal, Nucleus has seen its assets under administration (AUA) grow from £89bn to £97bn, while it said Third Financial’s software service supports the administration of a further £40bn of assets.
A statement from Nucleus said the acquisition “significantly” expands its capability in the ‘adviser-as-a-platform’ space, with the newly enlarged platform offering a complete range of platform, product and software for advisory businesses, consolidators and discretionary fund managers (DFMs).
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Richard Rowney, chief executive officer of Nucleus, said: “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, will continue to lead the business, reporting to Mike Regan, chief commercial officer of Nucleus.
Partington said: “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.”
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