Wrap platform Novia saw its profits before jump by 72.5 per cent to £5.6m in 2018, on the back of increase in its assets under administration.
Novia AUA increased by 5 per cent to £6.1bn. According to the company, the performance was dented by a significant market drop in the fourth quarter of 2018.
Novia spent £17.3m on administration in 2018, or a 6.8 per cent more than a year before. The firm said this was due to “greater expenditure on staff and technology to improve the level of support provided to advisers using the platform.”
Commenting on the results, Novia chief executive officer Bill Vasilieff hailed the reaction to a recently launched external web portal Adviser Zone, which he said “has been successfully implemented and well received in the market.”
Vasilieff says: “Adviser Zone, which was built and developed by our in-house team, represented a significant build for the business and is expected to greatly enhance the user experience both for financial advisers and their clients.
“This new technology will also enable Novia to have greater control of propositional offerings to the market.”
Vasilieff also reported further investment has been made in to Novia’s discretionary fund manager Copia Capital.
Vasilieff says: “We are pleased to report such positive results which include an increase in business inflows, despite significant challenging market conditions.
“Whilst this increase is more modest than we have experienced in the past, it represents an extremely resilient performance under difficult trading conditions and when many competitors experienced falls.”