Verso Asset Management to transfer custody to Third Financial in new five-year deal

Verso, the UK-based wealth management group, has extended its strategic partnership with Nucleus, transferring the custodial operations of its investment management arm to Third Financial under an initial five-year deal.

The deal grows the Nucleus group’s existing relationship with Verso, following the announcement it would be powering The Verso platform earlier this year. Over £250 million in assets under management is expected to be transferred over the next few months.

Verso Investment Management will become the third new client in recent months for Third Financial, following signings with City Asset Management and Titan Wealth. Third’s technology is now used by more than 60 firms.

Andrew Fay, Co-Founder and Director at Verso said: “We’re delighted to be extending our successful partnership with Third Financial so they will be our dedicated custody partner.  With their deep knowledge and experience of the wealth management industry, the team at Third Financial continue to give us full confidence in their ability to provide a market-leading technology solution, with unwavering commitment to client service and innovation.

“Not only will this improve the experience for our advisers, it will also better support them in delivering excellent outcomes for their clients.”

Ricky Ali, Commercial Director at Third Financial added: “Over the past year we’ve been working with Verso to see how we could help meet their needs as they scale and grow.  It’s a huge vote of confidence in our team that we've won the mandate as dedicated custody partner to Verso’s Investment Management.

“Having the financial strength and breadth of capability of the Nucleus group behind us makes a real difference to our conversations with ambitious, investment managers looking for a committed, long-term partner”.

“Our continued and sustained growth reflects our position as the first choice for investment managers and advisers seeking industry leading technology-led solutions, and a focus on great customer service.” 

Enquiries:

Linda Harper - Head of Public Relations  T: 07876 145309
Philippa Heal - Public Relations Manager T: 07783 314210
E: newsroom@nucleusfinancial.com


Notes to the editors:
About Nucleus
Nucleus Financial Platforms is one of the UK's leading independent groups for investment platforms, products and wealthtech software.
It’s the only large-scale group with a comprehensive range of bespoke platform solutions to meet the needs of advisory and wealth management firms of all sizes.
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 some of the industry’s leading product providers, advisory firms and consolidators, discretionary investment managers, and institutions, with enterprise-wide, platform software solutions. 
Working exclusively in partnership with over 5,300 financial advisory firms, the group now administers over £101bn 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.  
We were seeking a proven technology-led platform partner who could help us to deliver the highest standard of service to our clients. The bespoke solution that we’ve developed together means we’re able to leverage Nucleus’ technology and platform expertise to create a scalable platform that is key to our growth ambitions.