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Novia Financial Buys Into Tavistock Investments
Mark Shapland
2 September 2014
Wealth manager Novia has also stumped up a £750,000 loan as Tavistock looks to role out a low cost centralised investment proposition for its clients. Novia is the preferred partner for the launch and the wrap platform provider will introduce advisers to Tavistock on a selective basis.
"The trend for the consolidation of IFA firms has accelerated post RDR. We like the Tavistock proposition for advisers and anticipate making an excellent return from our stake in the business. The deal adds real value to Novia supporting advisers by obtaining a very attractive retirement option for them, one with preferential terms to those otherwise available," said Bill Vasilieff, chief executive at Novia.
If the loan money is not spent over the three years by Tavistock it will be converted to a further 7.5 per cent stake for Novia.
From the total £1 million paid to Tavistock, Novia contributed 75 per cent and Cocoon 25 per cent.
Tavistock will also grant Novia supporting IFAs access to its CIP, otherwise only available to advisers that have joined the Tavistock Partnership.
Meanwhile Tavistock Partners has agreed to make its "retirement guarantee" available to any such firm at a time of their choosing.
"Novia is one of our platforms of choice because it offers market leading functionality that fits well with our processes. Novia has also demonstrated a willingness to work with us for the benefit of our retail clients. We anticipate introducing substantial assets onto the Novia platform as our business expands," added Brian Raven, Tavistock's chief executive.