Third UK Platform adds Salam Pax Funds

Salam Pax funds, organised as an Luxembourg‐domiciled SICAV, has been added to Nucleus Financial Group’s UK wrap platform. The addition of the Salam Pax funds to this platform symbolises the growth since entering the UK at the start of 2014.

Nucleus is an online wrap provider that provides investment management services for investment advisers and their clients. A wrap is an online administrative service that combines, or ‘wraps’, all of a client’s investments into a single manageable account. This makes it easier to manage assets, whether they are held directly or through a tax-advantaged wrapper such as an Isa, onshore bond, offshore bond or a pension. Nucleas has £7bn funds under management (as at 31 May 2014).

The funds are already available through Transact and FNZ platforms. RDR compliant ‘unbundled’ fund share classes are available on all these platform conforming to regulatory rules introduced at the start of 2013 on fee transparency, with each charging element clearly disclosed where the platform fee, any wrapper charges and fund costs are made explicit. Many islamic fund providers have been slow to make “unbundled” share classes available.

“Financial advisers play a vital role in educating investors and advising on our funds. We are excited to be included as an option on Nucleas platform as we continue to build the network of advisers and clients in the UK.” said Lawrie Chandler a director of Salam Pax SICAV.

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