Nucleus nears break-even after record Q1

Nucleus has posted a record first quarter with total assets on the platform now standing at just under £1.5bn.

First quarter inflows were up 203% to £297.4m, compared to £98.3m last year, and ahead 40% on Q4's £213.1m.

The surge in business flows, which also saw the IFA-owned wrap record its first-ever £150m plus month, means the wrap is now nearing its profitability mark. 

Nucleus says while the pace of inflows has built steadily as more firms have signed up - the wrap now has 65 owner IFA firms - there has been a "definite and sustained" uplift over the past six months. The bumper period, it adds, has resulted in a near-doubling of assets on the platform.

"2010 has got off to a stunning start for the business and has all the signs of being a pivotal year not only for Nucleus but the wider platform market too as more and more IFAs begin to fully understand and appreciate the importance of choosing the right platform for their business," says chief executive David Ferguson.