US banking giant Goldman Sachs is looking to buy a stake in UK financial adviser wrap platform Nucleus.
According to Sky News, one of Goldman’s private equity funds is among four suitors eyeing a stake in the firm that will value the business at around £700m ($913m, €832m).
In 2021, Goldman sold its stake in digital wealth manager Nutmeg to JP Morgan.
The report also said that the other bidders were private equity firms Centerbridge Partners, GTCR and HPS Investment Partners.
Reduce stake
Nucleus expanded through its merger with James Hay in 2021.
The potential Goldman deal will involve Nucleus and James Hay’s private equity backer Epiris reducing its stake in the company.
International Adviser recently reported that Epiris was looking to shed at least part of its stake in the merged James Hay-Nucleus business.
All of the parties involved were contacted. Goldman Sachs and HPS Investment Partners declined to comment.
Sources familiar with the situation told IA: “Any potential changes are at the shareholder level; it remains very much business as usual for both platforms.”
The rest of the firms did not respond in time for publication.
