The adviser-owned Nucleus platform is set for a £100m stock market float, according to reports from Sky News.

Sky News says the Edinburgh-based company is seeking to follow Transact in floating on the stock exchange, allowing the firm to raise more capital. Transact floated this week.

Sky News says it has learnt that Nucleus Financial, which has more than £13bn of assets under administration, has appointed the broker Shore Capital to “oversee a listing.”

Nucleus has yet to release a formal statement but has previously said that a float was a possibility.

Sky News recently reported that rival platform AJ Bell was planning to float although the company said in a statement to Financial Planning Today that it did not comment on market speculation.

The TV news channel says that sources believe the float could happen as soon as the next three months.

Nucleus's wrap platform is use by several thousand IFAs but Nucleus has always been one of the smaller platform operators.

Wealth manager Sanlam has a significant stake in Nucleus which paid its maiden dividend last year. The company said this was due to five years of increasing revenues and £15m of cash reserves.

Nucleus triumphed at last year’s Scottish Financial Services Award 2017, winning the top trophy. It describes itself as an “adviser-built wrap”, and was launched in 2006 and employs 180 staff. It has £13bn in funds under management and 90,000 customers in the UK. Last year it recruited former Money Marketing editor Natalie Holt as content editor.