Novia takes fight to big three

Novia, the new wrap platform founded by Bill Vasilieff, claims to have already taken business from the big three fund supermarkets just weeks after launching its proposition.

Rolled out to the whole of market on 15 December, exactly two months after going live, Novia aims to accumulate £5bn in platform assets in about three to four years, roughly half the time it took rival Transact to reach the milestone.

Vasilieff says Novia has seen "big money" come its way, with 30 to 40 firms signed up to the platform so far.

"Our sales team is very optimistic; we are already getting money from Cofunds and FundsNetwork. We also expect a lot of Selestia accounts to come over," he says.

"The number one priority for us is to offer a fast, efficient service and advisers have shown they are willing to give us business."

Vasilieff believes Novia is the most technologically-advanced proposition on the market, with tools such as the FinQS-developed TCF Centre, designed to help firms adhere to the FSA's six treating customers fairly principles.

Novia will soon add dealing and discretionary management options to the platform - as well as a cash account, group SIPP and alternative assets such as ETFs from Barclays Global Investors. It will also have the ability to hold off-platform assets, including jewellery and wine.

The platform refutes claims only platforms with large parent backing can survive in the space, noting the only propositions to enter and exit the market are those launched by insurance companies.

Novia says it has full funding through to profitability, primarily from Future Capital Partners. Vasilieff expects Novia to break into the black in its second year of operation, with the accumulation of about £750m to £800m in platform assets.

The platform allows full and free re-registration on and off the wrap. It will not charge for fund switching and will set no limit on the number of switches allowed.