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Novia Financial has seen a drop in its assets under administration (AU) despite growing its customer base. The adviser-focused platform business reported that its AUA reduced by 2.4% to £8,7bn in 2022. It put down the reduction to a “challenging year for investors, following global market volatility”. ....
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18 Bill Vasilieff After speaking to private equity firms for nearly two years, Novia has agreed a deal with Anacap for an undisclosed sum. The transaction, which is subject to regulatory approval, marks Anacap’s third acquisition in the UK platform space. It follows it buying smaller platforms Wealthtime and Amber Financial Investments. Novia chief executive Bill Vasilieff tells Money Marketing: “As people know we have been speaking to private equity for nearly two years. We thought about floatation and decided we’re still too small and the better route to go would be private equity. “Early last year we spoke to three or four. We spoke to a couple and they didn’t proceed and we got close to one but we pulled out. ....