NUC.L Share News (NUC)

LONDON (Alliance News) - Nucleus Financial Group PLC on Friday reported a solid third quarter with "strong" assets under management growth.

The AIM-listed financial services company increased its assets under management by 2.4% in the three months to September to GBP14.69 billion from opening the quarter with GBP14.34 billion.

Nucleus Financial's net flows in the quarter decreased 34% to GBP282 million from GBP426 million the year before.

Compared to the previous quarter, ended June 30, Nucleus Financial's net flows decreased 10%.

The investment company's inflows decreased 18% to GBP563 million compared to GBP687 million in the same period a year ago as outflows increased 7.7% to GBP281 million from GBP261 million - resulting in the sharply lower net flows.

"Nucleus has continued to grow with a solid increase in adviser and customer numbers and strong assets under management growth, despite the well-referenced market uncertainty that is continuing to impact investor sentiment," said David Ferguson, founder & chief executive officer.

The company said its customers numbers have increased by 4.3% since the beginning of the year and are up 6.4% in the last 12 months.

Nucleus Financial added the number of advisers using its platform increased to 1,391, a 5.6% increase since the start of the year.

Ferguson added: "Of course, it is in exactly these market circumstances that the need for financial advice is at its most pronounced and we believe the soundness of our business model, our financial health and the ongoing investment we are making in our proposition position us well both now and in the future."

Shares in Nucleus Financial were down 4.1% Friday morning at 154.40 pence each.