Novia hits profit target after Aegon link-up

Wrap provider Novia has broken into profit after its recent tie-up with Aegon.

Aegon announced in March it was launching an at-retirement and workplace savings platform with the administration outsourced to Novia.

As a result, Novia set up Novia Investment Services and pushed the Bath-based firm to meet its target of hitting profitability in the second quarter.

The wrap has about £750 million in assets under administration and now joins fellow wrap Transact and fund supermarket Cofunds as a profitable platform provider.

Bill Vasilieff (pictured), Novia chief executive, said it had been nearing profitability before the link-up. ‘We were getting particularly close and the fact we are working on the Aegon deal pushed us into profit, we’ve been profitable for a little over a month,’ he said.

He said Novia had expanded since the start of 2011 and would continue to do so. It has recruited 44 people this year, 20 of whom will work for Novia Investment Services, and moved to larger offices.

Novia has also recently linked up with IFA back office providers Plum Software and made Evercore Pan-Asset Capital Management’s PanDynamic model portfolios available on the platform.