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March 30, 2022

HPS acquires majority stake in adviser platform Nucleus

HPS Investment Partners has acquired a controlling stake in UK-based financial advice platform Nucleus for an undisclosed amount.

Nucleus’s existing private equity owner Epris will retain a minority interest in the firm.

The change in ownership will not impact the firm’s business model and management team.

The deal comes as Nucleus seeks to build a retirement-focused investment platform for financial advisers in the country.

The firm said in a statement that it will use its existing capital to continue investing in products, services and price.

Nucleus CEO Richard Rowney said: “It has been obvious from an early stage that HPS’s ambition for the business and commitment to support me and my management team to grow the business meant we are all completely aligned.

“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.”

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

Earlier this month, Sky News reported that Goldman Sachs, Centerbridge Partners, GTCR and HPS were contending for the ownership of the platform.

In February this year, HPS agreed to invest in the UK wealth management business of Canada-based Canaccord Genuity Group.

The private equity firm, which manages a number of strategies across the capital structure, has more than $80bn in assets under management (AuM).

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