Wealth management group Verso has extended its strategic partnership with Nucleus, transferring the custodial operations of its investment management business to Third Financial as part of a five-year deal.

The agreement expands Nucleus’s existing relationship with Verso, following the announcement that it would be powering the Verso platform earlier this year.

More than £250m of assets under management are expected to be transferred over the coming months.

Verso Investment Management will become Third Financial’s third new client in recent months, following agreements with City Asset Management and Titan Wealth.

Third Financial, which is part of the Nucleus Group, now has more than 60 firms using its technology.

“We’re delighted to be extending our successful partnership with Third Financial so they will be our dedicated custody partner,” said Verso co-founder and director, Andrew Fay.

“With their deep knowledge and experience of the wealth management industry, the team at Third Financial continue to give us full confidence in their ability to provide a market-leading technology solution, with unwavering commitment to client service and innovation.

“Not only will this improve the experience for our advisers, it will also better support them in delivering excellent outcomes for their clients.”

Third Financial commercial director, Ricky Ali, added: “Over the past year we’ve been working with Verso to see how we could help meet their needs as they scale and grow. It’s a huge vote of confidence in our team that we've won the mandate as dedicated custody partner to Verso Investment Management.

“Having the financial strength and breadth of capability of the Nucleus group behind us makes a real difference to our conversations with ambitious, investment managers looking for a committed, long-term partner.

“Our continued and sustained growth reflects our position as the first choice for investment managers and advisers seeking industry leading technology-led solutions, and a focus on great customer service.”

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