Wrap platform Nucleus is cutting charges for clients with portfolios over £500,000 from this weekend.

The charge is dropping from 25bps to 17.5bps for portfolios of £500k to £1m. It will be reduced from 15bps to 5bps for those above £1m.

The business confirmed that its planned reduction in charges for clients with larger portfolios will come into effect on 1 July.

The price reduction will apply to all existing core Nucleus users and new business.

Bosses said the move was “designed to ensure those already using the platform benefit from the continued success of the business while also ensuring overall pricing remains highly competitive in the market”.

Those below £500k will remain on charges of 35bps.

Under the new pricing model, the company stated that a client with a portfolio of £1m will see annual platform costs reduce by 12.5% while a client with a £2m portfolio will see platform costs reduce by 30.5%.

Barry Neilson, business development director at Nucleus, said: “We’re pretty fired up that after a highly successful 2016, and a brilliant start to 2017, we’re able to substantially reduce prices for our new and existing users. As an adviser led business we listen carefully to the feedback from our users and they were clear they wanted a more competitive structure for larger portfolios and it’s great we’re in a position financially to be able to deliver this.

“This has been possible as a result of strong and sustained growth in the assets, revenue and profitability of the business in recent years and our growing scale ensures our users can benefit and be a part of this success.”