Existing shareholder Epiris is retaining a significant minority stake, despite the acquisition.

HPS is a private equity division of Highbridge Capital Management, within JP Morgan Asset Management.

Nucleus Financial said that HSP’s investment is an endorsement of Nucleus’ vision to build the leading retirement-focused investment platform for financial advisors in the UK.

The new investment will not change Nucleus’ business model or the firm’s management team.

Richard Rowney, chief executive of Nucleus, said: “My whole team and I have really enjoyed working with Epiris to deliver the vision set out for this business in 2019. We’re now delighted to welcome HPS as the new majority investor and look forward to working with both them and Epiris as we continue to progress our exciting vision.

“It has been obvious from an early stage that their ambition for the business and commitment to support me and my management team to grow the business meant we are all completely aligned.”