Nucleus Financial Platforms, an independent adviser platform in the UK, announced that it has received regulatory approvals for its acquisition of the Curtis Banks Group. The Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA), and Solicitors Regulation Authority (SRA) have all given their approvals, while the Competition and Markets Authority (CMA) has determined that the transaction does not require investigation under UK merger control law.
This acquisition will create a retirement-focused adviser platform with approximately £80 billion ($106 billion) of assets under administration. The aim is to support nearly 5,000 advisers in making retirement more rewarding for almost 250,000 customers. By combining Curtis Banks’ Self-Invested Personal Pension (SIPP) and Small Self-Administered Scheme (SSAS) product offerings with Nucleus’ reputation in the UK platform market, the new platform will provide a comprehensive proposition for financial advisers across the wealth spectrum.
The deal will also allow for further investments in technology, people, products, price, and service, which will benefit advisers and their customers. For now, both businesses will continue to operate independently, with no immediate change for advisers or clients.
Currently, Peter Docherty, the Interim CEO of Curtis Banks, will lead the Curtis Banks business under the guidance of Richard Rowney, Group CEO of Nucleus. It is anticipated that Curtis Banks will be rebranded as Nucleus in the future.
Richard Rowney, CEO of Nucleus, expressed his satisfaction with the regulatory approval and stated that they are looking forward to completing the deal and working closely with Curtis Banks to provide a best-in-class service to advisers. He highlighted that this acquisition will create one of the largest adviser platform groups in the UK, with assets under administration of approximately £80 billion, and emphasized that Curtis Banks’ award-winning SIPP and SSAS offerings will help them in their mission of making retirement more rewarding.
Peter Docherty, Interim CEO of Curtis Banks, viewed the regulatory approval as a significant milestone and emphasized their commitment to bringing the businesses together in a thoughtful and practical manner in order to achieve the group’s strategy.
The acquisition, which was approved by Curtis Banks shareholders in February, is currently subject to a court sanction hearing and is expected to complete in the coming weeks.
Nucleus Financial Platform Group offers investment platforms exclusively for financial advisers, serving over 160,000 UK customers and aiming to make retirement more rewarding.
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