Asset Management
Novia Profits Soar On Investment Arm Sale

Online platform Novia has recorded a increase in profits for last year following the sale of its Investment Services arm to Aegon.
Online platform Novia
has recorded a increase in profits for last year following the
sale of its Investment Services arm to Aegon.
Aegon paid £7 million ($11.9 million) for the arm resulting in
profits at Novia jumping from £0.8 million to £7.8 million for
the year ending December 2013. Novia’s investment arm was a joint
venture set up in 2011 to build Aegon’s Retirement Choices
platform.
Assets under management also jumped from £1.4 billion to £2.7
billion while revenue was up 84 per cent to £18.8 million from
£10.3 million over the year.
The number of IFA firms which submitted business also increased
by 29 per cent compared to 2012, while the average value of
submitted business per firm increased by 28 per cent.
In September the firm launched its own fund management arm named
Copia Capital Management. Assets in Copia currently stand at £10
million, with 70 of the platform’s advisor firms using the
service.
“We are also delighted to be able to report a significant rise in
pre–tax profit for the year,” said Bill Vasilieff, chief
executive.
“Whilst a significant proportion of this was from the bringing
forward of the intra group fees following the completion of the
agreement between Novia and Aegon, the remainder was from sound
execution of the core business strategy of growing assets through
an excellent service proposition and first class technology.”