Novia Global, the recently-launched, Bath, England-based offshore platform aimed at international intermediaries and wealth managers, said it has expanded into key Middle Eastern markets, including Dubai, Abu Dhabi and Qatar.
It said it has established terms of business with PWS Group, a Dubai-based advisory firm also known as Prestige Wealth Solutions, and is being assisted in its marketing efforts by UK-based Global Wealth Management Solutions.
In a statement announcing the expansion Novia Global said the expansion was a response to “significant demand for a multi-currency, online solution with a flexible fee/commission structure” in the growing Emirati expatriate marketplace.
The Novia Global platform is already operational in the Channel Islands, Isle of Man, Gibraltar, Switzerland, the Cayman Islands, Europe and Hong Kong, the Novia statement added.
Among the companies which have products represented on the Novia Global platform is the Marlborough Group.
Global Wealth Management managing director David Parker said the Dubai and the Qatar markets are “steeped in expat specialist advisers seeking alternative solutions to the opaque, high commission and limited investment solutions currently available”, and that his firm’s clients had already shown “significant interest” in Novia Global.
Global Wealth sees the decision by PWS “to use Novia Global as their platform of choice” represented “the beginning of an exciting development in the international wealth management space”.
As reported here last month, Novia Global recently added a range of exchange traded funds to its package, in a choice of major currencies. The range consists of more than 100 ETFs, including physically-backed and synthetically-replicated investments from nine providers, and is being offered in conjunction with Winterflood Business Services, a London-based dealing, custody and settlement services firm which is part of the Close Brothers Group.
Novia Global was launched in 2015 to provide a comprehensive wealth management service, or “full wrap platform”, to investment advisers and their clients in the international market.
The Novia team is headed up by Bill Vasilieff, the former sales and marketing director and joint co-founder of Selestia, another UK platform operator, which was ultimately integrated into Skandia’s platform operation.
In a statement accompanying the announcement of Novia Global’s expansion into the Gulf, Novia head of distribution Chris Skelhorn, pictured, noted that the company’s strategy has always been to “penetrate the key expat communities”, where a growing shift away from the traditional “restricted investment choice and limited charging options” of the past, towards the more flexible and transparent wealth management systems that platforms are able to deliver.
“The addition of the UAE jurisdiction to the [Novia Global] offering will be a significant one,” Skelhorn added.