Third Financial, now part of the Nucleus group, has revealed that investment manager Bowmore is the latest in a series of client signings over the last 12 months that’s helping to drive its growth.
London-based Bowmore Asset Management, a discretionary wealth manager with over £350 million in assets under management (AuM), has reportedly signed-up to partner with Third FInancial “for an initial five year term.”
It transferred its entire book of business in “under six months.”
As noted in the announcement, Third has won the custody mandate for 10 new clients in the last year, including Capital Financial Markets, Lowes and Mountstone.
Third’s technology is now reportedly used by over 60 companies.
At the end of Q3, Nucleus reports that over “£12.2bn of its £97bn assets under administration (AUA) were from enterprise solutions, driven by £1.6bn of net flows year to date.”
Chris Williams, Managing Director of Third Financial, a Nucleus group company said that they’re delighted that Bowmore has appointed us as their platform partner.” Williams also mentioned that their continued and sustained growth reflects their position “as the first choice for investment managers and advisers seeking industry leading technology-led solutions, and a focus on great customer service.”
Jonathan Webster-Smith, Chief Investment Officer of Bowmore Asset Management added that they were looking for a tech-forward platform who could help themto deliver the best service for customers.” Webster-Smith added that this is what attracted us to Third and set them “apart from other firms in this space.” They also noted that the team at Third really understood our needs, and they’ve been impressed with their focus on delivery and commitment to getting it right for the client.”
As clarified in the update, ‘Enterprise solutions’ is the collective term for a range of products, services and software options that “enable large advisory firms and consolidators, investment managers and institutions, to take some or all control of their platform propositions.”
They’re powered by Nucleus and its wealthtech specialists Dunstan Thomas, alongside Third Financial, which the group acquired in June.
As covered, Nucleus Financial Platforms is one of the UK’s independent groups for investment platforms, products and wealthtech software.
It’s the “large-scale” group with a range of platform solutions to meet the needs of advisory and wealth management firms.
It operates the Nucleus Wrap and James Hay Online retail investment platforms, and through Curtis Banks and Talbot and Muir is “one of the UK’s largest administrators of SIPP and SSAS products.”
With the wealthtech experience of Third Financial and Dunstan Thomas, Nucleus now powers product providers, advisory firms and consolidators, discretionary investment managers and institutions, with “enterprise-wide, platform software solutions.”
Working in partnership with financial advisory firms, the group reportedly administers £97 billion of investments on behalf of “over 230,000 UK customers, seeking to deliver great service and financial outcomes for them, and ultimately help make their retirement more rewarding.”
