AnaCap Financial signs third acquisition deal with Novia Financial

By Megha Bhattacharya

Financial services provider, AnaCap Financial Partners has signed a deal for a third acquisition with the purchase of Novia Financial, thus strengthening its position in the UK wealth management platform space. The news comes after AnaCap successfully signed Amber Financial Investments in July 2020 and Wealthtime in December 2019.

Nassim Cherchali, Partner for M&A at AnaCap, commented, “We view this exciting acquisition of Novia as a truly fundamental deal in our strategy across the UK wealth management platform space. The investment means we have vastly increased our fund management and technological capabilities. We look forward to this next chapter, working with Novia’s impressive technology platform to increase its growth via planned investments into distribution and the building of in-house asset management capabilities.”

UK-based independent investment platform Novia has recorded an AuM figure of £8.15 billion and serves a client base of ~67,000 through more than 1,000 IFA firms. The investment will be made from AnaCap Financial Partners III, L.P and its completion is subject to regulatory approval. Financial details and terms of the transaction were not disclosed.

Recently, AnaCap announced its agreement to acquire wealthtech platform, Wealthtime as an initial investment in a sector growth and consolidation strategy. Post-completion of the acquisition, AnaCap is expected to strengthen the senior management team with the appointment of Patrick Mill as the CEO, Richard Denning as the COO and Dominic Easton as the FD. The new team will join the existing Wealthtime Commercial Director, Lucy Bristow to form the Senior Executive Team.

Bill Vasilieff, Chief Executive Officer at Novia, commented, “Novia was keen to partner with a company that had a strong track record in growing fintech businesses with innovative operational strategies. We believe that AnaCap represents the perfect choice to help us develop and, pending completion, we look forward to an exciting new chapter for the company in 2021 and beyond.”