What is the ownership structure of Nucleus?
A. Since Nucleus was founded in 2006, Sanlam, the South African-based financial services group, has held a 42.5% stake in the business. The rest of the shares are owned by the 48 IFA firms and the management of Nucleus. Staff and management have an option to buy 12.5% of the shares from Sanlam in the future, which would take its stake down to 30%. Q. How many IFA firms could join Nucleus? A. The only constraints we have are the number of good-quality and professional IFA firms with the appropriate business model in the UK. We have turned IFAs away from Nucleus. Among the factors we look at when IFAs approach us are FSA actions against them, retention rates of clients, recurring income and initial commissions. Q. What products and services does Nucleus offer? A. Nucleus provides access to six products, which we call accounts. They are the General account for directly held assets, Isa account, Pension account, an Appropriate Personal Pension account (for protected rights pension assets),
