Scottish financial planning platform Nucleus has been sold again just months after it was acquired by James Hay.
HPS Investment Partners has now bought a majority stake in the firm for an undisclosed sum, with Epiris retaining its minority stake in the business.
HPS is a private equity division of Highbridge Capital Management, within JP Morgan Asset Management.
Epiris were tasked to find advisors to look at the group’s future ownerships and identified four potential buyers of a stake.
David Ferguson, who founded the company, left after the James Hay deal was completed last August.
Nucleus has £48bn in assets under administration, making it the UK’s fifth largest adviser platform.
HPS confirmed things will remain the same, with the current strategy and team.
Since the creation of the enlarged group in 2021, more than £5m has already been invested in service and £6m committed to platform development for 2022.
Completion of the transaction is subject to regulatory approval.
Nucleus chief executive Richard Rowney said: “My whole team and I have really enjoyed working with Epiris to deliver the vision set out for this business in 2019.
“We’re now delighted to welcome HPS as the new majority investor and look forward to working with both them and Epiris as we continue to progress our exciting vision.
“While today’s news will not result in any immediate practical change, it is certainly a vote of confidence, not just in our strategy, but also in our people - the 650 dedicated colleagues who make up our business, with a sole focus of supporting advisers, and helping them make retirement more rewarding for their clients.”
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