25th Oct 2019 09:49
(Alliance News) - Nucleus Financial Group PLC on Friday reported growth in assets under administration in the third quarter.
At September 30, the online investment platform's assets under administration stood at GBP15.70 billion, 2.4% higher than the GBP15.33 billion seen at the beginning of the quarter and 6.9% higher than the GBP14.69 billion reported the year before.
Quarterly net inflows totalled GBP111 million, flat on the previous quarter, with market movements adding a further GBP254 million.
The GBP111 million of net inflows recorded in the second and third quarter of 2019 is the lowest figure reported over the past 12 quarters, dating back to the fourth quarter of 2016.
"Gross inflows increased, albeit marginally, for the third successive quarter against a backdrop of continued investor uncertainty. Outflows remain higher than normal but in line with expectations, and reflect primarily the ongoing impact of a small number of firms that have been acquired by consolidators," David Ferguson, Nucleus' founder & chief executive said.
The platform's average AuA over the third quarter was 6.6% higher year on year at GBP15.55 billion.
Over the nine month period, AuA have grown 13%, with net inflows of GBP356 million and a positive market movement of GBP1.46 billion.
The number of financial advisers using the platform increased 2.1% year on year to 1,389 with customer numbers growing 3.6% to 95,373.
Nucleus said it plans to continue to invest in its platform development in the fourth quarter.
Shares in Nucleus Financial were untraded in London on Friday at 142.50 pence each.
By Paul McGowan; [email protected]
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