James Hay is set to acquire rival platform Nucleus via a recommended cash takeover offer, a change of tack from its original plan of using a scheme of arrangement.

Assets under administration at investment platform Nucleus rose 7.9% year on year to £17.4bn in 2020, but profits after tax dropped 47% to £3.2m, as the platform gears up for its acquisition this year by rival James Hay.

Westridge SSAS has recruited three new executives a week after it bought James Hay’s SSAS book.

Private equity-owned platform James Hay has sold its closed book of SSAS schemes to Westbridge SSAS.