Nucleus Financial Group PLC New Platform Agreement (6931H)
November 19 2018 - 1:00AM
UK Regulatory
TIDMNUC
RNS Number : 6931H
Nucleus Financial Group PLC
19 November 2018
19 November 2018
Nucleus Financial Group Plc
("Nucleus" or the "Company")
Unbundling of outsourced technology and BPO services through new
platform agreement
In line with the technology strategy set out in the Company's
admission document, Nucleus (AIM: NUC), a leading independent wrap
platform provider, announces that it has executed a long-term
agreement with Bravura Solutions (UK) Ltd ("Bravura") to provide
direct access to its Sonata application, the core system
underpinning the Nucleus wrap platform. This new agreement, coupled
with recent recruitment in key areas of its technology team, will
enhance the Company's control over the platform technology and
enable Nucleus to accelerate the rate of product development for
the benefit of its users. The board believes this will assist the
Company in driving future inflows and AUA growth.
Access to the Sonata application has, to date, been provided
through an outsourcing agreement with OpenWealth (a trading name of
Genpact WM Limited). As part of an amended agreement, OpenWealth
will continue to provide Nucleus with BPO services including
account servicing and administration.
The new agreement with Bravura will see Nucleus have a direct
contractual relationship with Bravura for the Bravura Sonata
application and associated change management services. A new
dedicated team has been set up internally with additional resources
to ensure a seamless transition. The aggregate cost structure of
the agreements with Bravura and OpenWealth is consistent with
Company's previous arrangements, is expected to be broadly cost
neutral to the business and will strengthen the technology
foundations.
Andrew Smith, chief technology officer of Nucleus, said: "We are
excited to be working directly with Bravura after working with them
indirectly for such a long period. This new arrangement is of vital
importance to the ongoing process and pace of development at
Nucleus as we prepare the business for significant scale in our
second decade in business. By working with Bravura directly, we
believe we will be able to better deliver regular platform updates
that will substantially improve propositional and regulatory change
for the benefit of our users and their clients."
David Ferguson, founder and chief executive of Nucleus, said:
"We expect the long-planned unbundling of the current outsourced
technology and BPO services and direct relationship with Bravura to
materially strengthen our technology foundations and create
optionality in our future organisational design and ultimately
support our plans to deliver further margin expansion. Nucleus has
grown strongly in the last few years and we expect this development
to allow us to accelerate the pace of change to allow us to build
on the assured progress of recent years."
Tony Klim, group CEO of Bravura, said: "We have been working
with Nucleus since it launched and we are pleased to see the
relationship develop to this point. Sonata enables Nucleus to
connect and engage with their clients anytime, anywhere, using
their choice of device. We hope that by working directly with us,
Nucleus will be able to develop their technology further to benefit
its users positively."
< Ends >
For further information please contact:
Nucleus
David Ferguson, CEO Tel: +44 (0)13 1226 9800
Stuart Geard, Chief Financial Officer
Andrew Smith, Chief Technology Officer
Shore Capital (Nominated Adviser and Broker)
Hugh Morgan Tel: +44 (0)20 7408 4090
Edward Mansfield
Daniel Bush
Camarco (Media enquiries)
Jennifer Renwick Tel: +44 (0)20 3757 4994
Jake Thomas
Notes to Editors
About Nucleus
Nucleus is a wrap platform founded in 2006 by advisers committed
to altering the balance of power in the industry by putting the
client centre stage. It provides independent wrap platform services
to over 1,390 active adviser users across more than 800 financial
adviser firms as at 30 September 2018. It is responsible for assets
under administration ("AUA") of GBP14.7bn on behalf of more than
92,000 customers.
The multi award-winning platform offers a range of custody,
trading, payment, reporting, fee-handling, research and integration
services across a variety of tax wrappers and more than 6,500 asset
choices including cash, OEICs, unit trusts, offshore funds,
structured products and listed securities, including ETFs and
investment trusts.
The Platform currently facilitates over 1.1 million client
account transactions on average per month.
Nucleus has won CoreData's 'Best medium sized platform' for 2018
(and the last seven years), the Schroders 'Platform of the year'
award for 2018 (and the last three years) and recently won 'Best
platform' and award for 'Platform innovation' at the 2018 Money
Marketing Awards.
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END
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