Nucleus expands team and nudges £2.5bn AUM

Nucleus has expanded its business development team with the hire of ex-Zurich man Martin Clement, as the IFA-owned wrap looks to breach the £2.5bn AUM mark this month.

Clement, reporting to business development director Barry Neilson, joins Nucleus this week as regional director responsible for increasing the platform's presence in the South West and Midlands.

He joins from Zurich Intermediary Group where he was the national e-commerce specialist. Prior to this he was regional sales manager at Cofunds.

His appointment marks the continuing growth of the wrap's business development team which now includes Mike Wallis (South of England), Russell Dowd (North of England, Scotland and Northern Ireland), and Barry Neilson.

"This marks a step change in resourcing on our sales side," says CEO David Ferguson (pictured). "The team has grown from nil to three in six months."

Ferguson now has his eyes set on the wrap hitting £2.5bn AUM and is confident the landmark figure will be achieved later this month. Last October, the wrap passed £2bn in AUM.

He adds Nucleus is now "very financially strong" since completion of its £15m rights issue in December.

Last week, The Platforum published its new platform leaderboard which showed a dramatic shake-up at the top of the table with Transact knocking Nucleus off the top spot it held in Q4 2010.

In drawing up the new ranking, IFA ratings were supplemented by independent ratings agency AKG's financial strength assessments.

Ferguson says the AKG financial assessments were carried out before the wrap's capital raising and is confident if Nucleus were reappraised now it would be higher up the leaderboard.

Meanwhile, on the question of the FSA's proposed cash rebate ban he hailed the industry's "unusual sense of togetherness" after all the major platforms - with the exception of Skandia - argued against the proposal.

"Hopefully the FSA will do everyone the courtesy of re-thinking the matter," says Ferguson.