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Topics: Nucleus Financial| Skandia| David Ferguson
Nucleus CEO David Ferguson believes the IFA-owned platform is beginning to achieve major traction in the UK market, with the wrap taking in about 35% of the inflows achieved by giant Skandia in the first half.
Skandia today revealed its platform generated net inflows of £1.9bn over the period, up 171% on the same period last year.
When compared to Skandia, Ferguson says the Nucleus figures makes for "happy reading".
"Half year net inflows of Nucleus were 35% of what Skandia achieved - that is pretty good," he says.
"Of the £1.9bn net inflows on Skandia Investment Solution, around 12% of overall sales were internal transfers from the old to new system meaning net inflows of new money was around £1.7bn.
"We had £600m in the same period - so I am very pleased.
"We have big growth plans. We have new recruits joining in the second half of this year and will really go for it next year."
The Nucleus chief added the wrap has set a recruitment target for the second half of the year, with two new hires set to join this month.
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| Comment | 'We are gaining ground on the big platforms' - Nucleus CEO |
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Ignoring the emotion of the post above, I think it's reasonable to point out that we did give Skandia a 26-year start!
Posted by: David Ferguson
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Unsubstantiated hype.
Oh Please! Get Real. I have never heard such twaddle. Look at the figures. 30 Sept 2009 AUM = £0.82bn. 30 June 2010 = £1.6bn = 95% increase – very good. Used by 900 IFAs Skandia – AUM 30 Sept 2009 £30.9bn. 30 June 2010 = £35bn = 16% increase. Used by 22,500+ IFAs Skandia has more than 2,000% more AUM than you and has about 2,400% more IFAs using their platform. Skandia, Cofunds and Fundsnetwork comprise over 80% of all AUM by ALL platforms. The rest of you are insignificant and Nucleus is one of the smaller platforms having lost a place to Elevate since September. Add to all this a perceived conflict of interest and one wonders about the longevity of the smaller players. (figures from The Platforum)
Posted by: Harry Katz