- HPS Investment Partners ("HPS"), through certain funds and/or accounts managed, advised or controlled by the Firm or its subsidiaries or affiliates, becomes majority investor alongside existing shareholder Epiris
- No change to strategy - will continue to use scale to invest in product, service and price
- New investment endorses strategy and management team
Nucleus, the fifth largest adviser platform group in the UK, is pleased to welcome HPS as a new majority shareholder, alongside existing shareholder Epiris which is retaining a significant minority stake.
HPS's investment is an endorsement of Nucleus' vision to build the leading retirement focused investment platform for financial advisers in the UK. The new investment will see no changes to Nucleus' business model or management team.
Since the creation of the enlarged group in 2021 over £5m has already been invested in service and £6m committed to platform development for 2022. Nucleus will continue to use its existing scale to further invest in products, service and price, underpinned by innovative technology, for the benefit of advisers and their clients.
Completion of the transaction is subject to regulatory approval. Financial terms are not being disclosed.
Nucleus CEO Richard Rowney said: "My whole team and I have really enjoyed working with Epiris to deliver the vision set out for this business in 2019. We're now delighted to welcome HPS as the new majority investor and look forward to working with both them and Epiris as we continue to progress our exciting vision. It has been obvious from an early stage that their ambition for the business and commitment to support me and my management team to grow the business meant we are all completely aligned.
While today's news will not result in any immediate practical change, it is certainly a vote of confidence, not just in our strategy, but also in our people - the 650 dedicated colleagues who make up our business, with a sole focus of supporting advisers, and helping them make retirement more rewarding for their clients.
We'll now continue our important work of ensuring the basics of platform provision are right; serving advisers properly, executing orders on behalf of their clients and ensuring the financial plans they've designed can be effectively delivered. At the same time we'll continue to share the benefits that come from economies of scale with our customers, investing in giving them better products, better service and better prices.
For further information, contact:
- Tom Allison +44 (0) 7789 998020
- Shan Willenbrock +44 (0) 7775 848537