Nucleus, the Edinburgh-based independent in the wrap platform market, almost doubled profits last year to £4.8million, with underlying profits up 44per cent to £3.6m. The firm says headcount will have risen to 176 by the end of 2016 from 120 in 2014.

Assets under administration rose by 16per cent to £9.3bn and are now at £9.7bn.

Turnover increased by 21per cent to £29m, while gross inflows totalled £2bn, a rise of five per cent.

Doug Heron, chief financial officer, said: “We are incredibly pleased with our 2015 results as we see steady success reflected in our assets, turnover and profit, especially in the platform market where consistent and increasing profitability is still not common.”

Several big players appear to be pulling out of the market, with Axa’s Elevate platform and Legal & General’s Cofunds both up for sale.

Nucleus, which calls itself “adviser-built”, has 67 IFA firms as shareholders, and serves over 900 firms on the platform.

Mr Heron commented: “We don’t think consolidation has really happened yet. We don’t see it as a negative. If you are an adviser that wants a platform that is free of product bias, doesn’t have a big asset manager arm to it, there is a reducing choice out there so it may benefit us.”