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Nucleus to tackle debt

IFA-owned wrap Nucleus is launching a rights issue in a bid to repay more than £3m in debts owed to South African insurer and shareholder Sanlam.

Chief executive David Ferguson refuses to disclose the exact figure of the debt. He says the firm will look to shore up capital from existing shareholders and is “very comfortable” that its biggest single shareholder Sanlam is committed to the business.

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

The news follows the unexpected exit of Nucleus business development director and co-founder Philip Martin last week, who is yet to disclose his reasons for leaving. It also comes as Nuc- leus’ platform technology pro-vider, Australian firm Bravura, which also powers the Aviva wrap, pushes ahead with its own rights issue, as MoneyMarketing.co.uk revealed last month.

Nucleus has £725m in assets under management.

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