The international arm of Bath-based wealth management company Novia is to expand into the Middle East in response to demand from its burgeoning expat community.
Set up in 2015, Novia Global offers a comprehensive wealth management service or full wrap platform for investment advisors and their clients across the globe.
The multi-currency online service, which has a flexible fee/commission structure already operates in the Channel Islands, Isle of Man, Gibraltar, Switzerland, the Cayman Islands, Europe and Hong Kong. The latest move takes it into Dubai, Abu Dhabi and Qatar.
Novia said it had already received “significant” interest from adviser firms, trusts and family offices. Novia Global distribution partners are already channelling business from the newly added jurisdictions. The first terms of business have been completed with Middle East-based firm PWS Group.
Novia Global head of distribution Chris Skelhorn said: “Our overall strategy has always been to penetrate the key expat communities to offer access to a multi-currency, online platform solution.
“The Middle East has one of the highest populations of expats per capita and we are thrilled to be launching the platform here.
“An increasing number of wealth managers’ report that their client bank will no longer wear the old way of restricted investment choice and limited charging options and are instead looking for a service solution offering a real embedded value for their businesses.”
Novia was launched to market in 2008 to provide a comprehensive wealth management service or ‘full wrap platform’ for investment advisers and their clients. It now has around £4.2bn worth of assets under administration.
