Nucleus records first profitable month

Nucleus has hit break-even point after recording its first profitable month in April.

Reaching the profitability mark comes just under three-and-a-half years since the launch of the IFA-owned wrap, with chief executive David Ferguson hailing it a "significant milestone".

"We have posted our first profitable month in our 40th live month which is very quick," he says. "We now have significant opportunities ahead of us and are in a position of strength."

Total assets on the platform now stand at over £1.5bn with 70 firms signed up as shareholders. Ferguson also reveals discussions with a further 20-30 firms are at a late stage.

He adds Nucleus now will look to invest further in the proposition which means the wrap could "dip in and out of profit".

In terms of new products, Ferguson says the wrap is in "active discussions" about offering a maximum investment plan (MIP).

However, although corporate wrap is an "interesting area", he thinks it presents a better opportunity for software companies than providers.

The Nucleus chief now has his mind firmly set on becoming a major player in the platform arena.

"We are well placed to grow our audience and asset volumes," he says. "We will now make the most of opportunities leading up to the RDR and beyond."