Six Nucleus directors have stood down from the company today as the takeover of the business by James Hay is completed creating a platform managing £47bn in funds.

Nearly 92% of shareholders in platform Nucleus have accepted a cash offer from rival platform James Hay which values Nucleus at about £145m.

Private equity-owned platform James Hay is to buy rival Nucleus Financial for £145m in an all-cash deal announced today.

AIM-listed adviser platform and SIPP provider Nucleus, currently subject to a takeover battle, has reported assets under advice up by 8.1% to £17.4bn for Q4 2020.

Private equity firm Aquiline Capital Partners and fintech Allfunds have pulled out of the bidding race for adviser platform Nucleus.

The owners of UK adviser platforms and SIPP providers Transact and James Hay have tabled cash offers for competitor and SIPP provider Nucleus.

Wrap platform Nucleus has opened its doors to electronic signatures for new business and client instructions to support remote working by advisers.

SIPP and platform operator AJ Bell is likely to be valued at between £626m and £675m when it floats on the stock market in December, the company predicts.