Nucleus AUM passes £2bn

Nucleus has passed £2bn in AUM as it announces another two firms have joined the IFA-owned wrap.

The most recent firms to sign up - AWA Wealth Management and Proposito - take to 80 the number of firms holding an equity stake in the business.

Additionally, the joining firms bring the number of individual advisers using the platform to over 950 and takes inflows since launch to over £2bn.

After breaching the £2bn AUM mark, CEO David Ferguson says he is now setting his sights on the next milestone.

"Now comes the race to £3bn," he said on Twitter this morning.

The AUM milestone, reached on Friday, follows release of a strong set of financials for the wrap earlier this month. Q1 inflows were up around 250% compared to last year and annualised turnover now exceeds £6m. In April, the firm recorded its first cash positive month.

Earlier this month, Nucleus unveiled it is looking to raise £15m in a rights issue in order to refinance debt and bolster its balance sheet. The debt restructuring exercise is set to be completed by the end of the year.

The wrap is looking to member firms and shareholders to raise the required £15m, with Ferguson ruling out an approach to the capital markets.

Last week, Swansea-based Estate Capital Financial Management became the latest firm to take a stake in the IFA-controlled wrap.