Nucleus has dropped Alliance Trust Savings in favour of Winterflood Business Services for its sharedealing services due to lower costs and improved functionality.
During a due diligence process covering a “number of potential partners”, Winterflood had demonstrated “competitive client trading costs and efficient back office processing”, Nucleus said.
Nucleus added that it was exploring improvements such as fractional ETFs, lower trading minimums and real-time trading thanks to the Winterflood appointment.
Alliance Trust Savings had provided execution-only services on listed securities via its business Stocktrade. It acquired the firm off Brewin Dolphin in 2014 for £14m.
Winterflood Business Services head of business development Graham Swan, described Nucleus as a “progressive” platform. “Platforms are increasingly seeking to widen asset reach, and deliver more efficient propositions to clients.”
Swan said Winterflood’s technology would “relieve regulatory and reporting burdens”.
