Novia and Wealthtime to rebrand as single group

Anacap-owned platforms Novia and Wealthtime are to be unified under a single group brand Wealthtime, which will come into effect in the second half of the year.

In May last year, private equity firm AnaCap acquired Novia for an undisclosed fee, and the decision to rebrand is the final stage of a strategic review spurred by that purchase, the company said.

Following this acquisition, long-time Novia CEO Bill Vasilieff was replaced in the role by Patrick Mill, who joined the firm from Wealthtime, where he has been CEO since AnaCap acquired the firm in December 2019. The rebrand, which will come into effect in the second half of the year, will see both platforms under his helm, led by his new executive team.

Mill said that the group had undergone a transformation after these acquisitions, also including the acquisition of platform Amber Financial Investments in July 2020. "We have been preparing the ground to position the Group for what we believe is a third era for platforms, differentiating on true digitisation and deeper connectivity.

"These next-generation platforms will bring superior, adviser-centred technology and customisation to the market. The change the business has undergone recognises this shifting landscape and the rebrand signals our intent to be in the vanguard by enabling firms to construct their technology stack as they see fit, not as platforms dictate."

Mill said that the UK platform, which is entering its third decade, is on the cusp of a new digital era for platforms, with the first decade seeing domination by fund supermarkets and the birth of independent wrap platforms. The last decade saw platforms win out over legacy life companies, he said, adding, that the winners in this space, will be those that "are flexible enough to adapt and connect to new digital interfaces as adviser technology ecosystems expand to accommodate ever-evolving adviser and customer needs".

"We're bringing together the two services under one group name and believe that a unified brand will allow us to have a greater impact in what is an ever-evolving market and help ensure we provide advisers and their clients with the very best proposition and outcomes for years to come," he said.

The combined group platforms have more than £11.8bn of pension and investment assets under administration for about 67,000 clients (as of 31 March 2021). AUA is split £9.3bn and £2.5bn, Novia and Wealthtime respectively.