Novia Financial eye further push into Scotland

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A FINANCIAL technology firm that provides key products for insurance and pensions group Aegon is eyeing a further push into Scotland.

Novia Financial, which was founded by Scots-born chief executive Bill Vasilieff five years ago, specialises in “wrap platforms” – which allow ­financial advisers and their customers to manage pensions and investments from a single location online.

The company also has almost £2 billion of assets under management from its offices in Bath.

Vasilieff said the firm, which supplied the technology for Edinburgh-based Aegon’s platform, had appointed a Scotland sales manager – Scott Adams – and is now looking to ramp up its presence north of the Border.

“We are very keen to make further inroads into Scotland,” Vasilieff said.

“There are a lot of new financial advisers working with Scott already and we believe Scotland could easily do some 10 per cent of our business.”

Novia, which is chaired by Sir Anthony Cleaver, the former head of IBM in the UK, is one of the biggest private-sector employers in Bath, though it is unlikely to open a satellite office.

“Everything goes through advisers, so we don’t need massive sales support,” 
said Vasilieff. “We can give dedicated support from Bath.”

He said the consumer had more power nowadays, with an “inevitable pressure on margins”.

He added: “Our relationship with Aegon is very much an outsourcing deal and we see it developing.”

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