Mergers and acquisitions  

Novia's Vasilieff exits as platform buyout completes

Novia's Vasilieff exits as platform buyout completes

Novia chief executive Bill Vasilieff is to be replaced by Patrick Mill as AnaCap Financial’s takeover of the platform completes.

Vasilieff will be replaced by Mill, who is currently chief executive of AnaCap-owned Wealthtime, on June 30. 

The takeover deal was announced in December last year, and marked the private equity firm’s third acquisition in the UK platform space in the past 12 months, following Wealthtime in December and Amber Financial Investments in July 2020.

Novia brings £8.15bn of assets, 67,000 clients and more than 1,000 advice firms the PE firms's platform book.

Vasilieff said he was excited about the move for the platform.

He said: “These are very exciting times for the business and mark the start of the next stage in the Novia Financial journey.

"Novia is in great shape with our assets under management having surpassed the £9bn figure for the first time in our eleven-year history. Sales for Q4 2020 and Q1 2021 were also at a record high despite challenging conditions and our  Ebitda/ profit figures remain strong. 

“The whole Novia team is absolutely delighted to be part of this dynamic organisation and looking forward to the next chapter in its development.”

Nassim Cherchali, partner, M&A at AnaCap, added: “We view this exciting acquisition of Novia as a truly fundamental deal in our strategy across the UK wealth management platform space. 

“The investment means we have vastly increased our fund management and technological capabilities. 

“We look forward to this next chapter, working with Novia’s impressive technology platform to increase its growth via planned investments into marketing and the building on its successful in-house discretionary fund management solutions.”

Mark Winlow, who currently sits on the boards of Starling Bank and Ageas UK, has been appointed chairman. 

Peter Cartwright, head of private equity at AnaCap, Robert Massey, managing director at AnaCap, Ken Fry, Jane Dale and Dominic Easton will also be appointed to the board. Easton will also become chief financial officer.

Paul Parry, John Beaumont and David Royds have all stepped down from the board with immediate effect. 

All appointments are subject to regulatory approval.

sally.hickey@ft.com