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Nucleus looks to sign up 50 IFAs

Fledgling wrap provider Nucleus is in late-stage discussions with a number of IFA firms and expects to have signed up a total of around 50 by the end of the year.

Chief executive David Ferguson says Nucleus is in talks with 60 adviser firms but only around 75 per cent meet its criteria of being top-end and mainly fee-based.

Nucleus has seven adviser firms signed up and Ferguson says the next tranche of IFAs will become shareholders in the firm at around the time of the wrap launch which is expected in the autumn.

The company has brought in compliance expert Robert Owen as a non-executive director. Owen has non-executive directorships of a number of companies, including two Baronsmead VCTs and previously worked at Coutts.

He joins former Abbey chief Paul Bradshaw who was appointed as non-executive chairman last month.

Ferguson says: “When we start operations, there will be a queue of adviser firms wanting to sign up immediately. We are in talks with around 60 firms and between 75 per cent and 80 per cent meet our criteria.”

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