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Nucleus reduces losses to £960,000

Nucleus reduced its pre-tax losses to £960,000 in 2011, compared to a £3.3m loss in 2010.

The IFA-owned wrap also revealed it spent around £100,000 addressing administration errors from 2007 and 2008 that were not recognised until its 2010 accounts.

An investigation which finished in May last year, found that up to 106 Nucleus clients had their holdings misreported.

No clients lost any assets but a number were given extra assets due to the errors. In the majority of cases, clients were allowed to keep the extra funds, resulting in the loss to the company. The cost was originally feared to be as much as £800,000.

The firm saw a 75 per cent increase in turnover to £9.7m, compared to £5.5m in 2010 while assets under administration increased 49 per cent from £2.2bn in 2010 to £3.2bn in 2011.

Nucleus chairman Paul Bradshaw says: “These results reflect another key year for Nucleus and the growing number of advisers that use the platform. Combined with the group’s culture and fee structures, we are extremely well placed to capitalise on the regulatory changes being introduced at the end of 2012.”

Nucleus says it reached profitability in Q1 this year and says it expects to post a profit for 2012.


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