Judith Davidson and Richard Hoskins will join once regulatory approval has been received.

Judith Davidson is the former chief operating officer and executive director of IntegraFin, which owns and operates investment platform Transact. She spent 11 years at Transact.

Richard Hoskins will join the Nucleus board as chair of the audit committee. He is a non-executive director at Liberty Mutual, Aztec and BGL Group, and has been a senior executive at Hastings, Aviva, AIG and Old Mutual in an almost 40 year career.

Meanwhile, Kathryn Purves will also now take on the role of senior independent director as well as remaining chair of the company’s risk committee. She was chief executive of IFG, the listed financial services parent company of what was James Hay Partnership and Saunderson House.

Richard Rowney, chief executive of Nucleus, said: “We’re delighted to welcome our new non-executive directors to the board, with each bringing a wealth of insight and expertise. I’d also like to congratulate Kathryn on moving to be our senior independent director.”

He added: “The calibre and experience of our new board members will be a huge advantage and the appointments also mean that we will have greater gender balance, enhancing the diversity of thought, perspectives and skillsets required to guide and oversee the next chapter of our growth.”

Last week Nucleus appointed the former chair of platform Interactive Investor Gordon Wilson to be its chair, to replace Mark Dearsley.

Nucleus operates from offices in Edinburgh, Glasgow, London and Salisbury and administers £46bn of customer assets across SIPPS, ISAs, general investment accounts and other products, for more than 5,000 financial advisers.

Private equity investment firm HPS Investment Partners bought a majority stake in the platform for an undisclosed sum in March, less than a year after Nucleus was sold to Epiris-owned rival platform James Hay for £145m in an all-cash deal.