Nucleus has announced it has signed a long-term agreement with Bravura Solutions to provide direct access to its Sonata operating system.
The platform believes the agreement, coupled with new recruits in its technology team, will enhance its position in the platform space and help Nucleus “accelerate the rate of product development” for advisers and assist in driving future inflows and assets under administration growth.
To date, access to Sonata has been provided through an outsourcing agreement with OpenWealth and, as part of the new agreement, OpenWealth will continue to provide Nucleus with services such as account servicing and administration.
Nucleus chief technology officer Andrew Smith says: “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 of 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.”
Last month, Nucleus reported a slowdown in net inflows but client numbers and assets were on the rise. Results showed net flows were £282m in Q3, down from £315m in Q2 and £426m in Q3 2017. However, assets under management were up 8 per cent and active users were up 5.6 per cent.