View more on these topics

Nucleus seeks to raise more than £3m in rights issue

Wrap provider Nucleus is seeking to raise over £3m in a rights issue to pay back some of the company’s debt to South African insurer Sanlam.

Nucleus chief executive David Ferguson says the debt owed by the firm was “slightly more” than £3m but he refused to disclose an exact figure.

According to Ferguson the rights issue has been driven in part by IFA shareholders who want the three-year old company to have a cleaner capital structure.

He says the firm would look to raise the money through existing shareholders and was “very comfortable” that Sanlam was committed to the business.

He says: “A lot of the demand for the initiative has been driven by those shareholders so I’m not expecting any problems.”

Ferguson was unable to say where ex- business development director Philip Martin who left last week would re-emerge.

He says: “Last time I spoke to Philip which was a couple of weeks ago he wasn’t certain yet on his next move.”

Nucleus currently has £725m assets under management and Ferguson expects the firm to keep on growing, saying inflows are higher than they’ve ever been.

He says: ” We should do more than £50m in June and last week we did around £15m which apart from tax year end is our best ever week.”


Key themes for 2017

Capital Market Notes, December 2016 Dave Lafferty, chief market strategist at Natixis Global Asset Management, assesses the accuracy of his 2016 outlook and provides his thoughts and outlook for 2017. Click here to read the full article


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm