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March 14, 2022

Goldman Sachs in talk to buy financial advice platform Nucleus

Goldman Sachs is in talks to buy a stake in UK-based financial advice platform Nucleus, Sky News has reported.

A private equity fund owned by the US banking giant is said to be one of four firms vying for a stake in the platform, the report said.

Centerbridge Partners, GTCR and HPS other contenders for the stake.

Founded in 2006, Nucleus combined with James Hay, owned by Epiris, last year in a deal worth around £144.62m.

Currently, Epiris is the majority shareholder and its sole private equity investor in Nucleus. The platform is said to have around £50bn under administration. 

A potential deal, which is estimated to value the platform at around £700m, is expected to slash Epiris’ holdings.

Fenchurch Advisory Partners is hired to run the stake sale for Nucleus.

Epiris and Nucleus did not comment on the news.

The news comes as the consolidation in the investment advisory space accelerates.

In December last year, British asset manager abrdn signed a deal to purchase subscription-based investment platform interactive investor for £1.49bn in cash.

The same month, wealth tech firm FNZ brokered a deal to buy Zürich-headquartered Appway, which helps financial institutions to automate and speed up their business-critical core processes and to comply with evolving regulatory requirements.

Earlier last year, JP Morgan scooped up roboadviser Nutmeg to bolster its presence in the retail banking and investment segment in the UK.

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