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Nucleus latest platform to take AUA hit from bleak Q4

Nucleus has reported slight growth in assets under administration for 2018, but was not immune to a bleak fourth quarter for platforms, becoming the latest to report a hit to its numbers near the end of the year.

Overall in 2018, results this morning show Nucleus grew AUA by 2 per cent to £13.9bn.

This was despite market movements in the fourth quarter knocking 5.5 per cent off the platform’s assets – a quarter that saw double digital falls in both the FTSE All Share and FTSE 100 indexes.

For 2018 as a whole, market movements put an £886m drag on AUA, compared to a £765m boost in 2017.

Net inflows for 2018 were £1.2bn, compared to £1.7bn for 2017, which Nucleus attributes to “continued investor caution”.

The Big Interview: Nucleus CTO on the difference between adviser needs and wants

However, Nucleus says that since the end of the year markets have stabilised to take AUA to £14.2bn as at 24 January, and advisers actively using the platform increased by 6 per cent to 1,396 over the year.

Nucleus chief executive David Ferguson says: “Nucleus has grown strongly in recent years and, despite the challenging market backdrop, I am pleased to report our 12th successive year of growth in AUA, adviser users and customer numbers.

“Having listed the business in Q3 2018 and reorganised our major outsourcing relationships in Q4 2018, we are now focused on accelerating our growth within the sector.”

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