Nucleus has appointed a new director of mergers and acquisitions (M&A) and strategy as it bids to make more platform deals, Citywire New Model Adviser has learned. Richard Hoad, a former director of new markets at insurer LV, which from 2016 to 2019 was run by current Nucleus CEO Richard Rowney, is joining the platform business. He will be responsible for shaping the platform's strategy of acquisitive growth.

His appointment comes as Nucleus's new private equity backer HPS Investment Partners completes its deal for a majority stake in the platform. Hoad will report to chief financial officer Mike Regan, who gained M&A experience when chief financial officer of digital insurer BGL Insurance.