Financial Technology

Key Scottish finance employer secures £242m acquisition

NUCLEUS, the financial technology business that employs 382 people across Edinburgh and Glasgow, is closing in on the £242 million acquisition of a Bristol-based pensions firm.

The company has seen a 350p per share cash offer recommended by Curtis Banks, which specialises in self-invested pensions. The offer represents a 32.1 per cent premium to Curtis Banks’ closing price of 265p on November 24 – the last business day before the offer period started. The deal would create a retirement-focused adviser platform with around £80 billion of assets under administration.

Richard Rowney, chief executive of Nucleus, said: “We’re delighted to be announcing today the acquisition of Curtis Banks, which on completion will become part of our leading independent adviser platform group, with approximately £80 billion in combined AuA (assets under administration).

“Our ambition remains to create the UK’s leading platform, exclusively for financial advisers to help them make retirement more rewarding for their customers. We’re already demonstrating the benefits of scale, enabling investment in technology, people, products, price and service.

“As one of the UK’s largest independent SIPP and SSAS providers, Curtis Banks not only adds significant scale to our business, but will complement our existing expertise and benefit our combined adviser base providing added flexibility and optionality.”

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