This comes seven months after Nucleus agreed to acquire Curtis Banks Group for a total equity value of £242m ($287m, €273m). The transaction, which is an all-cash offer, will bring together the Nucleus Group and the Curtis Banks Group to create a retirement-focused adviser platform with approximately £80bn of assets under administration.

On 19 July, UK watchdog the CMA said: “It is considering whether it is or may be the case that the transaction, if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.”

The CMA is inviting comments on the transaction from any interested party. These comments should be provided by 2 August 2023. The UK watchdog said that the deadline to announce its decision whether to refer the merger for a Phase 2 investigation is on 14 September 2023.

A spokesperson for Nucleus told International Adviser said: “We remain excited about our proposed acquisition of Curtis Banks and welcome the update from the CMA. We continue to collaboratively engage with the regulators as the conditions of the transaction are processed.”

IA also contacted Curtis Banks for a comment, but it did not reply in time for publication.

Details

This publication has learned that Nucleus had proactively referred itself to the CMA, in a bid to involve watchdog before the deal is finalised as it tends to come in at a later point in a merger or acquisition, often post-completion.

The deal is expected to complete in Q3, subject to regulatory approvals. Shareholder approval was received on 27 February 2023

The UK-based Sipp provider has named Peter Docherty as interim chief executive and executive director of the group with immediate effect, pending regulatory approval.

This means that current executive chairman David Barral will revert back to the role of non-executive chairman.

Docherty was most recently chief executive and managing director of the Embark Platform, while previously serving as chief executive and risk officer of Alliance Trust Savings.

This comes as wrap platform Nucleus agreed to acquire Curtis Banks Group for a total equity value of £242m ($287m, €273m).

GSB Capital

Dean Kemble has been promoted to chief commercial officer at the Dubai-headquartered advice firm.

He joined the business in October 2021 as managing partner. Prior to that, he spent over seven years in senior roles at Friends Provident International.

SFC

Hong Kong’s Securities and Futures Commission has promoted Keith Choy, current senior director of intermediaries, to interim head of intermediaries.

He will oversee the intermediaries division pending the appointment of an executive director to head the division, following Julia Leung’s promotion to chief executive of the regulator.

Choy has been at the watchdog since 1998.

Sentient International

The Isle of Man-based trust services provider has hired David Solly as managing director.

He joins from Dohle Corporate Services, where he spent nearly three years as a business development manager.

First Sentier Investors

The investment firm has recruited Jane Daniel as chief risk officer, based in London.

She was previously at Aegon Asset Management, where she served as global chief risk and compliance officer.

Carmignac

The French asset manager has named Lloyd McAllister as head of sustainable investment.

He joins from Newton Investment Management, where he worked for four years, most recently as head of ESG research.

Edentree Investment Management

The UK-based asset manager has made two senior promotions within its distribution team.

Adrian Judge will take on the role of head of international distribution; he was previously head of wholesale and FIG distribution.

Regional sales director James Tomlinson will become head of wholesale distribution for the UK.

Nucleus Financial

Chris Macdonald has been promoted to business development director, key accounts, at the adviser platform.

He most recently was business development director for London, and has been at the company since 2006, when he joined as an IFA account manager.

Hoxton Capital Management

Peter Shaw has taken on the role of senior wealth manager at the Dubai-based advice firm.

He joins from Genesis Insurance Brokers (previously Goodwill Insurance Brokers), where he served as chief executive and general manager for just under two years.

LGT Wealth Management

The wealth management arm of LGT has promoted Finn Hunt to business development manager.

He joined the company in July 2021 as a trainee.

This comes over a month after the two firms confirmed they were in advanced talks over a deal.

The transaction, which is an all-cash offer, will bring together the Nucleus Group and the Curtis Banks Group to create a retirement-focused adviser platform with approximately £80bn of assets under administration.

The firms are looking to combine Curtis Banks’ Sipp and self-administered pension schemes (Ssas) product offerings and Nucleus’ platform experience to help further support financial advisers and their customers in the wealth market.

Advisers currently served by Curtis Banks will gain access to a range of platform services available within the Nucleus Group’s existing offering, including ISAs, GIAs and onshore and offshore bonds.

Shareholder backing

The Curtis Banks board has unanimously recommended that the firm’s shareholders vote in favour of the transaction.

Founding shareholders of Curtis Banks, as well as Oryx International Growth Fund and Odyssean Investment Trust, and Canaccord Genuity Asset Management will approve the acquisition.

Approximately 54% of Curtis Banks’ shareholders have already agreed to back the deal.

The acquisition is conditional on approval by Curtis Banks shareholders and the receipt of clearances from relevant regulators. It is to be implemented by way of a scheme of arrangement and is expected to complete in Q2 2023.

Bolster services for advisers

Richard Rowney, group chief executive of the Nucleus Group, said: “Our ambition remains to create the UK’s leading platform, exclusively for financial advisers to help them make retirement more rewarding for their customers.

“We’re already demonstrating the benefits of scale, enabling investment in technology, people, products, price and service. As one of the UK’s largest independent Sipp and Ssas providers, Curtis Banks not only adds further significant scale to our business but will complement our existing expertise and benefit our combined adviser base providing added flexibility and optionality.”

David Barral, executive chairman of Curtis Banks, said: “The board of Curtis Banks is pleased to be recommending the Nucleus Group’s offer for the company, which represents a significant premium in cash and offers certain value for our shareholders.

“Curtis Banks recognises Nucleus’ established reputation and strength in the adviser platform market, as well as our shared customer-centric approach and aligned corporate values. The combined group’s greater scale, efficient platform, broader product proposition and enhanced ability to invest in technology and service will benefit all stakeholders.”

Background

Over the last few years, Nucleus has been involved in a lot of M&A activity.

In March 2022, New York-headquartered HPS Investment Partners (HPS) became a majority shareholder of the UK adviser platform group. Its previous majority shareholder, Epiris, retained a significant minority stake of the platform.

This came a year after James Hay bought Nucleus to create an enlarged financial services group.

Nucleus said in a London Stock Exchange announcement on 25 November that it is “currently conducting detailed confirmatory due diligence and a further announcement will be made as and when appropriate”.

The two firms admitted that there is “no certainty” that any firm offer will be made, nor as to the terms of any such offer.

Bristol-headquartered Curtis Banks is a financial services company with over £37.4bn ($45.3bn, €43.2bn) of assets under administration. It also has offices in Bristol, Dundee, and Ipswich.

Over the last few years, Nucleus has been involved in a lot of M&A activity. In March 2022, New York-headquartered HPS Investment Partners (HPS) became a majority shareholder of the UK adviser platform group. Its previous majority shareholder, Epiris, retained a significant minority stake of the platform.

This came a year after James Hay bought Nucleus to create an enlarged financial services group.

The self-invested personal pension (Sipp) provider announced Will Self has stepped down as chief executive and an executive director of the group board with immediate effect.

Self has been chief executive since January 2019.

The group is commencing a search process to appoint a new chief executive. In the interim, David Barral, who was appointed to the board in May 2022, will become executive chairman.

Barral was previously chief executive of Aviva UK and Ireland Life.

Malta Financial Services Authority

Chief executive Joseph Gavin will step down from his role at the Maltese regulator later this year.

The MFSA confirmed he has decided to retire early.

Gavin stepped down from his role temporarily in June 2022 for medical reasons – but returned a month later.

The regulator has not stated who will be the next chief executive.

LGT Wealth Management (LGT)

The UK wealth manager has named Phoebe Stone to oversee the newly structured intermediary investment services team.

The firm’s MPS and sustainable MPS investment teams have been realigned to form the newly formed team, focused on managing all advisory specific propositions.

Stone was previously head of sustainable MPS and investment manager at LGT.

Fidelius Group

The independent financial planning firm has hired Neil Buckland as head of commercial.

At Fidelius, Buckland will be responsible for driving organic growth through the sales teams of the four business propositions: wealth management, employee benefits, corporate wealth and mortgages.

Prior to joining Fidelius, he was head of sales at Octopus Investments.

Buckland replaces Duncan McKillop, who is promoted to director of corporate development.

McKillop will be responsible for driving an acquisition proposition for Fidelius. He will also remain actively involved in the development of Fidelius’ existing relationship with Azets Financial Planning and will maintain a focus on developing further opportunities.

Evelyn Partners

The wealth management and professional services group has named Charlotte Davies as general counsel.

Davies will join Evelyn Partners on 1 September, taking on the role from Nicola Mitford-Slade who will be retiring after a handover period.

She was previously at Provident Financial Group, where she has been general counsel and company secretary since April 2019.

In other news, Austin Flood has joined the firm as a financial planner in its Guildford office.

Flood joins Evelyn Partners from Bespoke Independent Financial Advisers, where he has spent the past four years working as a financial adviser.

Lowes Financial Management

The UK advice firm has promoted Michael Stowe as wealth manager.

He will be involved in developing his relationships with current and new clients, working from both the Newcastle and Middlesbrough offices.

Stowe was previously an independent financial controller, paraplanner and senior pension technician at the firm.

Latitude Investment Management

The London-based boutique investment firm has hired Mike Totton as a senior analyst.

He joins from Liontrust Asset Management. Prior to this, he spent nine years at Majedie Asset Management where he was a portfolio manager and analyst within the UK equity teams.

Totton will work across both the multi-asset Latitude Horizon Fund and the Latitude Global Fund.

Stonehage Fleming

The family office has appointed Dena Brumpton and Michael Solomon to the group board.

Brumpton is the former chief executive of Barclays’ Savings, Investments and Wealth Management division and sat on Barclays’ UK executive committee.

Solomon joined the group board in April, following the completion of Stonehage Fleming’s acquisition of Maitland’s private client services business.