Integrafin, parent company of platform Transact, has released a Stock Exchange announcement this afternoon stating that it now has “no intention” of making an offer for rival Nucleus Financial Group.

Net inflows at Nucleus rocketed to £166m in its third quarter, a rise of 102% from the corresponding quarter the previous year, as the investment platform confirmed that is has completed its acquisition of part of OpenWealth’s UK business.

Private equity firm Aquiline Capital Partners and fintech Allfunds have pulled out of the bidding race for adviser platform Nucleus.

The owners of major UK adviser platforms Transact and James Hay have tabled cash offers for competitor Nucleus.