Novia assets rise 6% under new ownership

Adviser platform Novia saw a 6% rise in assets under administration for the year ended 31 December 2021.

Total assets under administration were £8.95bn at year-end, an increase of £533m.

Revenues rose 14% to £27.8m (2020: £24.3m).

Adjusted EBITDA (a measure of profitability) rose 31% to £6.7m.

Novia Financial was acquired by private equity firm AnaCap in April last year.

AnaCap also acquired the Wealthtime and Amber Financial Investments businesses.

AnaCap plans to combine the Novia and Wealthtime platforms under the Wealthtime brand in the second half of this year.

The combined platform business will continue to be led by Wealthtime and Novia CEO Patrick Mill.

Amber Financial Investments, acquired by the private equity firm in 2020, was migrated onto Novia’s platform technology in the first quarter of this year.

Combined the platforms have over £11.8bn of pension and investment assets under administration on behalf of over 77,000 clients.

Patrick Mill, group CEO, said: “We’re investing for growth and to increase our capability and overall proposition for our advisers and their clients, which will allow us to evolve to secure our position at the forefront of the next generatio nof platforms set to revolutionise the UK market.

“These next-generation platforms will bring superior, adviser-centred technology and customisation to the market. Our ongoing investment in technology, operations and support functions is in anticipation of being one of the leaders of that third wave. New winners will emerge, and we believe we have the right technology model to capitalise on these changing market dynamics to deliver continued robust growth in 2022 and beyond.”

Novia has seen several high-level staff departures since its takeover by AnaCap including CEO Bill Vasilieff shortly after the deal was completed. 

Novia was setup in 2008 and before its acquisition by AnaCap was one of the larger independent adviser platforms.