Investments 

Novia appoints managing director

Novia appoints managing director

Bath-based platform Novia Global has appointed Steve Andrews as managing director, with company co-founder Bill Vasilieff moving to the position of chairman.

Mr Andrews joins Novia Global, the parent company of adviser platform Novia, from Aberdeen Standard Investments, where he was most recently employed as head of third party and major distribution.

Prior to that he worked at Credit Suisse and Deutsche Asset Management and HSBC. 

Mr Vasilieff said: "We’re moving from a position of strength to take Novia Global into the next successful phase of development.

"The business is growing rapidly with the number of adviser firms using us nearly doubling in the first half of 2019 compared to the same period in 2018 as the international market moves towards the transparent, technology enabled solution that Novia Global provides.

"Steve is absolutely right person to lead the Novia Global team and build on the successes we have gained. We are delighted to welcome him to the team."

In the year to the end of December 2018, Novia reported profits of £5.6m, an increase of 72 per cent. 

In May, Mr Vasilieff said he expected the woes suffered by rival platforms such as Aviva and Aegon to lead to Novia to grow by 30 per cent this year.

The firm completed its replatforming during the year. 

Mr Andrews said: "Novia Global is at the forefront of the transformation of the international financial services investment market. 

"We are seeing the old opaque, high commission and bundled investment solutions fall away in favour of clear, transparent and online services, and Novia Global is leading the charge. 

"I am thrilled to have the opportunity to lead this exceptional organisation to the next phase and very much look forward to driving Novia Global to the next phase in development."

david.thorpe@ft.com