Novia is launching a passive discretionary fund management business.
Copia Capital Management will be available exclusively through the Novia platform and will sit alongside the other 42 DFMs available on the platform.
The service will offer advisers a range of risk-rated portfolios using passive instruments including Oeics and ETFs and will be available by the end of the year.
Novia has appointed Dr Evrin Erdem as Copia head of investment. Erdem previously worked at Fidelity and execution-only DFM service Nutmeg.
The charges for the service are yet to be confirmed but will be in the region of 25bps.
Novia chief executive Bill Vasilieff says: “We have seen a huge growth in new business inflows into DFMs and Novia has already developed a strong reputation for its DFM offering.”
The Lang Cat principal Mark Polson says: “I think Novia is becoming known as the most active platform in the DFM space. The model portfolio functionality available on the platform is really good so this is a logical next step for the business and probably a good thing for them to do.