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James Hay has acquired rival adviser platform Nucleus for £145m.
Joining forces, the pair will have some £45bn of assets.
While an announcement this morning says there will be no immediate changes for advisers, both will migrate to the same FNZ technology in time.
The deal is still subject to approval from Nucleus shareholders and the FCA, but Nucleus’ board has recommended a vote in favour, and Sanlam, Nucleus’ largest shareholder with 52 per cent holding, has agreed to vote in favour.
The merger is expected to complete in the second quarter of 2021.
“The two businesses have complementary areas of expertise and common beliefs about the importance of independence and only serving the adviser market,” James Hay chief executive Richard Rowney says. “We admire much about Nucleus and the skills within its team, and look forward to working with them to better serve the growing needs of advisers.”
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th December 2020 9:08 am
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Quilter national MD departs
Quilter is having a bit of a shake-up for its advice-focused roles as Darren Sharkey, the managing director of the firm’s national advice business will depart at the end of this year.
The company has created two new managing director roles for advice as it looks to focus on client segments.
Michelle Andrews will oversee Quilter’s proposition for higher net worth clients including working closely with the independent adviser market.
Nucleus, which is currently in discussions to be acquired, has completed its purchase of the UK business and assets of Genpact Wealth Management, operating under the trading name Open Wealth.
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