Nucleus boss David Ferguson has decided to leave the platform business he helped build two decades ago, following its takeover by James Hay.
An RNS filing said that James Hay CEO Richard Rowney would step up to lead the enlarged £47bn firm, while Ferguson (pictured) moves on “to pursue other opportunities”.
Ferguson will step down from the board with immediate effect and will quit the business altogether after a handover period.
“It’s 23 years since we started work on a collection of ideas that eventually led to the near £20bn platform that Nucleus is today. We aimed to create something that was truly collaborative, and it was my privilege to do this with some of the most talented people in the industry,” Ferguson said.
“I hope we’ve been able to make a contribution towards the positive changes in the profession over the years, and with the company now becoming a key part of a much bigger picture with James Hay, it feels like the right time for me to move on and consider a new challenge. I hand over to Richard and wish him, his leadership team and all my colleagues, new and old, best wishes for the future.”
The firm said Rowney would be supported by a “highly experienced leadership team” consisting of chief operating officer Richard Warner, chief commercial officer Alex Kovach and chief people officer Alison Longbottom, who all joined James Hay last year.
Following Kovach’s appointment Nucleus’ marketing and distribution lead Barry Neilson will also depart.
See also: James Hay to ‘address’ Nucleus staff concerns over £145m deal
Keeping the Nucleus name
Additionally the Nucleus name will be used for the enlarged group, replacing the James Hay name and brand, due to its “trusted and leading brand with advisers in the UK platform market”.
The Nucleus and James Hay platforms will continue to operate separately for the immediate future, the companies confirmed.
However, a strategic review is underway with the intention of creating a “leading financial planning and retirement-focused adviser platform, developed from the best features of both existing platforms”.
A review of the firms’ existing tech arrangements is also being carried out by senior management.
