Wall Street bank Goldman Sachs is believed to be one of three bidders aiming to take a sizeable stake in adviser platform Nucleus, according to a report from Sky News today.

Sky News says it understands that one of Goldman Sach’s private equity funds is among four potential buyers for a significant stake in Nucleus, valuing the business at about £700m.

Epiris-owned rival platform James Hay acquired Nucleus last year for £145m in an all-cash deal.

Other bidders are believed to be Centerbridge Partners, GTCR and HPS.

The deal will involve Epiris, Nucleus's existing private equity backer, reducing its stake in the company, Sky News reports.

James Hay paid 188 pence per share for the business.

The combined James Hay / Nucleus business has Assets Under Advice of an estimated £45bn.

• This is a developing story, check back for updates.