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Nucleus outflows up but market upturn boosts platform assets

Market volatility can precede big fallsNucleus has increased its assets under management by 6.3 per cent over the first quarter of 2019, as the platform sector continues to rebound after stock market falls at the back end of last year.

Nucleus’ assets under administration rose to £14.7bn at the end of March, up from £13.8bn at the end of December.

Inflows were broadly similar across the quarters, coming in at £466m to March compared with £462m to December.

However, outflows in the latest quarter were greater, at £332m compared with £277m.

Market movements offset these, adding £735m to the platform’s assets in the first quarter of 2019, compared with putting a £994m dent in assets in the last quarter of 2018.

Net flows were almost twice as strong in the first quarter of 2018 compared with 2019, where they came in at £411m compared with £134m in the latest quarter.

Nucleus chief executive David Ferguson says: “It was pleasing to see AUA levels increase in excess of 9 per cent year-on-year compared to a FTSE All-Share increase of 2.2 per cent in the same period. Gross inflows steadied quarter-on-quarter, building momentum throughout the period, particularly in the run up to the tax year end.

“We completed a change to our technology and BPO services model in Q4 2018 with the intention that this will improve our change velocity and I’m pleased to report that Q1 has borne this out with a significant upgrade to the core platform software, the launch of our new Junior Isa product,  and the beta launch of our new client portal, Nucleus ‘Go’ all successfully completed in the quarter. We also completed our Mifid II regulatory costs and charges disclosure after the reporting period in April 2019 and are looking forward to building on this change momentum throughout the year.”

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