Wrap platform Nucleus Financial confirmed it is in “advanced discussions” with the board of Curtis Banks regarding a possible cash offer for the self-invested personal pension (Sipp) provider.
Nucleus said in a London Stock Exchange announcement on 25 November that it is “currently conducting detailed confirmatory due diligence and a further announcement will be made as and when appropriate”.
The two firms admitted that there is “no certainty” that any firm offer will be made, nor as to the terms of any such offer.
Bristol-headquartered Curtis Banks is a financial services company with over £37.4bn ($45.3bn, €43.2bn) of assets under administration. It also has offices in Bristol, Dundee, and Ipswich.
Over the last few years, Nucleus has been involved in a lot of M&A activity. In March 2022, New York-headquartered HPS Investment Partners (HPS) became a majority shareholder of the UK adviser platform group. Its previous majority shareholder, Epiris, retained a significant minority stake of the platform.
This came a year after James Hay bought Nucleus to create an enlarged financial services group.