Nucleus’ acquisition of Curtis Banks receives green light

Nucleus’ acquisition of Curtis Banks receives green light

Edinburgh-based Nucleus Financial Platforms, an independent adviser platform in the UK, has secured all the requisite regulatory approvals for its acquisition of the Curtis Banks Group.

The Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA), Solicitors Regulation Authority (SRA), and the Competition and Markets Authority (CMA) have all given their green light, with the CMA confirming that the merger does not warrant an investigation under UK laws.

The acquisition will create a retirement-focused adviser platform, managing roughly £80 billion in assets under administration. The consolidated entity aims to serve nearly 5,000 financial advisers and approximately 250,000 customers.

The deal is a strategic blend of Curtis Banks’ Self-Invested Personal Pension (SIPP) and Small Self-Administered Scheme (SSAS) products, designed for clients with intricate retirement needs, and Nucleus’ robust presence in the UK’s adviser platform market. The merger will offer a comprehensive suite of services across the full wealth spectrum, capitalising on economies of scale to invest further in technology, workforce, product range, pricing, and customer service.

Peter Docherty, currently interim CEO of Curtis Banks, will continue to lead the Curtis Banks business reporting to Richard Rowney, group CEO of Nucleus. It is expected that in time, Curtis Banks will be rebranded as Nucleus.

Mr Rowney said: “We are pleased to have now received regulatory approval, and look forward to completing this transformational deal in the coming weeks.

“We’ll then start working closely with our new colleagues at Curtis Banks to bring together our businesses and provide a best-in-class service to the advisers we serve.”

He added: “We’re creating one of the largest adviser platform groups in the UK with assets under administration of c.£80bn.

“Curtis Banks will be an important part of our group, bringing award-winning SIPP and SSAS offerings, which will help us in our purpose of helping make retirement more rewarding.”

Mr Docherty said: “Receiving regulatory approval is a key milestone in the acquisition process.

“Once the transaction completes we can start to bring our businesses together in a considered, mindful and practical way, ensuring we have the best combination of technologies, operations and structure that can deliver the group’s strategy.”

The acquisition was approved by Curtis Banks shareholders in February and remains subject to a court sanction hearing. It is expected to complete in the coming weeks.

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