What Dunstan Thomas does

Dunstan Thomas Holdings Limited is a Portsmouth-headquartered, privately held UK WealthTech firm founded in 1986 that builds software and provides managed services for the wealth management, retail platform, and retirement markets. The core product is the Imago suite — comprising Imago Administration (a configurable SIPP/SSAS/group policy administration system exposing 100+ entity-level APIs), Imago Illustrations (regulatory disclosure document generation for SIPP, UFPLS, drawdown, and MiFID II), Imago Portal, Imago Connect (a Pensions Dashboard Integrated Service Provider solution for the UK central architecture), Imago Automation (SaaS bulk processor for SMPI and benefit statements), and Imago Tools (cloud-based adviser calculators including a Monte Carlo stochastic modelling engine). This sits alongside Integro CX, an award-winning low-code web application framework delivered in Enterprise, Wealth, and Form Builder variants, underpinned by the Innovi Web Services microservices framework running on Microsoft Azure Service Fabric.

The company monetizes through three streams: enterprise software licensing (subscription/recurring, typically multi-year contracts priced on assets under administration, users, or transaction volumes — pricing not publicly disclosed), Third Party Administration services delivering fully outsourced SIPP administration on Imago technology (managed services), and Outsourced IT services providing software development capacity to in-house platforms teams (professional services). Go-to-market is direct enterprise field sales targeting wealth managers, investment platforms, and pension providers, supplemented by white-label/OEM relationships such as the Third Financial integration where Imago Illustrations runs as a calculation engine behind platform front-ends. The customer base spans major UK firms including 7IM, AJ Bell, AEGON, Benchmark, Nucleus, Pershing, Vanguard, Xafinity, Saltus, Trinity Bridge, Discovery Invest, and Third Financial.

Dunstan Thomas is wholly owned by Dunstan Thomas Group Limited, which since September 2023 is a subsidiary of Nucleus Financial Platforms following Nucleus' acquisition of Curtis Banks Group (which had itself acquired Dunstan Thomas in August 2020). The firm operates as an independent trading entity within the Nucleus Financial Group, with leadership transitioning in March 2025 to joint Managing Directors Julia Fintz and Paul Muir following Ihab El-Saie's retirement. Recognition includes two Schroders UK Platform Awards (2016, 2019) and Platform Technology Showcase 'Best in Show' (2013).

Name

Dunstan Thomas

Legal name

Dunstan Thomas Holdings Limited

Website

https://dthomas.co.uk

Company type

Private

Founded year

1986

Operating status

Operating

Headcount range

11–50 employees

Short description

Dunstan Thomas is a UK WealthTech firm founded in 1986 that builds and operates the Imago product suite and Integro CX low-code platform to provide pension administration, illustrations, portals, and managed services for UK wealth managers, investment platforms, and pension providers. It is wholly owned by Nucleus Financial Platforms.

Ownership category

akta.pro rank

Product category

WealthTech Software and Pensions Administration

NAICS

Software Publishers (513210), Custom Computer Programming Services (541511)

SIC

Services-Prepackaged Software (7372), Services-Computer Programming Services (7371)

akta.pro primary industry

Policy Administration, Underwriting & Rating Platforms (Core Insurance SaaS) (FSAGAGAB)

akta.pro secondary industries

Document, Workflow & Policy Servicing Automation (RPA/No-Code) (FSAGAGAK), Customer Engagement, CRM & Agent/Broker Enablement Platforms (FSAGAGAD), Digital Retirement Platforms (IRA/401(k), Pension & Decumulation) (FSAGAEAF)

Keywords

• Wealth management software
• Pensions administration
• SIPP technology platform
• Low-code web framework
• Financial services outsourcing

Headquarters

HQ city

Portsmouth

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Software Licensing: Licensing of Imago product suite (Administration, Illustrations, Portal, Automation, Connect, Tools) to wealth managers, platforms, and pension providers. Software is deployed as configurable on-premise or cloud-hosted solutions with integration capabilities.
2. Outsourced Pensions Administration (TPA): Third party administration service delivering SIPP administration on Imago technology. Includes client onboarding, asset transfers, contributions, investments, drawdown management, and regulatory reporting as a fully outsourced service.
3. Outsourced IT Services: Software development services for financial services market supporting and developing investment and administration systems built by in-house technical teams of platforms and providers.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Dunstan Thomas sells the Imago integrated software suite (Administration, Illustrations, Portal, Automation, Connect, Tools) for pensions and savings administration and disclosure, the Integro CX low-code web application framework, and delivers Third Party Administration (TPA) and Outsourced IT services built on its own Imago technology. Solutions are licensed and configured for UK wealth managers, investment platforms, and pension providers.

Product overview

Dunstan Thomas offers a platform-plus-modules architecture built around two core product families: the Imago suite and Integro CX (ICX). The Imago suite provides integrated solutions for savings and retirement planning including Imago Administration (policy/pension administration system), Imago Illustrations (pensions illustrations and disclosure), Imago Portal (customer portal), Imago Tools (adviser calculators), Imago Connect (Pensions Dashboard ISP solution), and Imago Automation (bulk processing/document generation). Integro CX is an award-winning low-code web application framework available as ICX Enterprise (full custom development), ICX Wealth (pre-built simplified integration), and ICX Form Builder. The Innovi Web Services framework provides the underlying microservices architecture powering Imago Tools, Connect, and Automation. Combined with Third Party Administration services and Outsourced IT services, the portfolio serves wealth managers, platforms, and pension providers.

Differentiator

Problem solved

Functional benefit

Brands

• Imago: Imago is a suite of fully integrated solutions that provide savings and retirement modelling tools, illustration and review systems, client portals, dashboards, and policy administration systems. Developed for product providers and platforms.
• Integro CX
• Imago Illustrations
• Imago Administration
• Imago Portal
• Imago Connect
• Imago Automation
• Imago Tools
• Innovi Web Services

Products and services

• Imago Administration Highly configurable policy and pension administration system for personal pension, SIPP, SSAS, and group markets, providing enhanced administration for income drawdown, annuities, Secure Lifetime Income (SLI) funds, and scheme pensions. Exposes 100+ entity-level APIs for platform integration and supports income drawdown, annuities, and scheme pensions processing.
• Imago Illustrations Market-leading configurable pensions and savings illustrations solution for wealth managers, platforms, and providers, delivering regulatory-compliant disclosure documents including SIPP, UFPLS, drawdown, and MiFID II documentation. Capable of integration with third-party front-office systems (e.g., Iress Pulse) for automated fund feeds and fee information.
• Imago Portal Out-of-the-box portal solution designed for SIPP and pensions providers, integrating with Imago products and third-party front-office systems to bring together information and enrich user engagement.
• Imago Tools Cloud-based adviser tools including a Salary Sacrifice Calculator, Annual Allowance Calculator, Profit Extraction Calculator, and Stochastic Modelling Tool, embeddable as widgets into financial providers' websites via API or iFrame.
• Imago Connect Cloud-hosted Pensions Dashboard Integrated Service Provider (ISP) solution connecting pension schemes to the pensions dashboards central architecture, consisting of Import Manager, Find, Resource Manager, View, and Reporter components built on secure scalable microservices.
• Imago Automation SaaS bulk processor that helps streamline processing of bulk data with built-in document generation capability, automating SMPI and annual benefit statement production through six key services: Loader, Mapper, Runner, Reporter, Distributor, and Analyser.
• Integro CX (ICX) Award-winning low-code web application builder enabling wealth managers, platforms, and providers to deliver secure, exceptional and personalised user experiences. Works off multiple data sources and external integrations, with configurable dashboards, role customisation, and workflow engine. Available as ICX Enterprise (full custom development), ICX Wealth (pre-built simplified integration), and ICX Form Builder (dynamic online forms).
• Innovi Web Services Pre-built microservices framework using best-of-breed design principles, built specifically for cloud-native deployment on Microsoft Azure and Service Fabric to ensure web services are secure, resilient, scalable, performant, and highly maintainable. Underpins Imago Tools, Connect, and Automation APIs.
• Third Party Administration (TPA) Award-winning outsourced SIPP administration service providing a low-cost, quick-to-market, and flexible outsource administration solution delivered on Imago technology. Includes client onboarding, asset transfers, contributions, investments, drawdown management, and regulatory reporting as a fully outsourced service.
• Outsourced IT Services Software development service for the financial services market that supports and develops investment and administration systems built by in-house technical teams of platforms and providers.

Named customers7 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability3 records

Feature9 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Nucleus Financial PlatformscoreStrategic or Co-development Partner · 1 September 2023Dunstan Thomas Group was acquired by Nucleus Financial Platforms in September 2023. Dunstan Thomas remains an independent trading entity within Nucleus Financial Group. The acquisition provides strategic backing and integration with Nucleus platform capabilities.
• Curtis Banks GroupminorStrategic or Co-development Partner · 1 August 2020Curtis Banks Group acquired Dunstan Thomas in August 2020. Prior to this, Curtis Banks was a client using Dunstan Thomas technology for pension administration services.
• Spire Platform SolutionscoreStrategic or Co-development Partner · 1 January 2017Partnership began in 2017 with Spire Platform Solutions. Dunstan Thomas secured a 10-year contract (2024) to continue running Spire's Quote and Apply service for their Secure Lifetime Income offering.
• UAP GroupminorChannel Partner/ Reseller/ DistributorUAP Group acquired Alltrust Services and Rowanmoor Personal Pensions (Dunstan Thomas customer), selecting Dunstan Thomas Imago technology as the winning pensions platform for the acquired business.

Scale indicators4 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• FNZ: Global wealth management platform provider serving investment platforms, advisers and pension providers with end-to-end technology - directly overlapping Dunstan Thomas' Imago Administration and platform integration offering for the UK wealth market.
• Bravura Solutions: Provider of administration software and services for wealth management, life insurance and pensions, including transfer agency and platform technology - directly competing with Imago Administration and Illustrations across UK/Australia.
• GBST: Wealth management and brokerage technology provider offering platform, administration and illustration software to UK wealth managers and investment platforms - directly comparable to Dunstan Thomas' Imago suite.
• Avaloq: Wealth management platform and core banking technology provider for private banks and wealth managers - competes with Dunstan Thomas for digital platform and administration mandates at UK and European wealth firms.
• Praemium: Investment platform and wealth management technology provider offering SMA, platform and administration technology - directly comparable to Dunstan Thomas' platform-focused offering for UK advisers and wealth managers.

Broad incumbents

• SS&C Technologies: Large incumbent financial services software vendor with broad wealth, asset management and retirement administration capabilities (including DST, Advent). Overlaps with Dunstan Thomas at the platform administration layer but operates at much greater scale globally.
• Iress: Listed Australian software group providing trading, market data, mortgage and wealth software (including Iress Pulse used by Trinity Bridge alongside Dunstan Thomas). Overlaps as a front-to-back office technology provider for advisers and platforms.
• Trustwave (now part of OneVue/IRI): Provider of superannuation/pension administration technology in Australia and the UK, offering platform and member administration systems comparable to Imago Administration for institutional pension providers.

Emerging players

• Wealth Wizards: UK-based AI-driven financial advice and modelling technology firm referenced in Dunstan Thomas' own materials. Comparable as a UK WealthTech player offering digital advice, risk profiling and retirement modelling that intersects with Imago Tools.
• Equisoft: Wealth management and insurance digital transformation vendor with illustration, new business and CRM tools for life insurers and wealth managers - partial overlap with Imago Illustrations and Portal capabilities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/DTImago
• Facebookfacebook.com/dunstan.imago

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Dunstan Thomas