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Novia Global launched to market in October 2015, with a stated aim of bringing the benefits of the latest in online wealth management technology to the key international markets.
The service provides financial advisers, private banks, discretionary fund managers and trust companies with the tools required to provide their offshore investors with the same high levels of service and choice available in the UK.
Novia is regulated by the UK FCA, and it accepts applications from financial advisers across Europe (including Switzerland) and UK dependencies. Outside of Europe, the Novia Global service is available in both Dubai and the Cayman Islands. Novia is also able to accept business from professional investors in Hong Kong.
It is not able to receive applications from other countries, although may use pensions and trusts to bypass territoriality rules.
Novia provides access to a selection of assets, portfolio management tools and investment management services.
Novia Global provides access to two types of product, a Global Investment Account (GIA) and a Global Retirement Account (GRA). Noth have a multi-currency facility. The underlying assets include investment funds, exchange traded funds, shares and structured products.
BNP Paribas Securities Services provide their custodian and banking services. BNP Paribas are a European leader in this field and cover more than 100 markets worldwide.
The platform also allows advisers and their clients access to a number of discretionary fund managers (DFMs), including Bordier & Cie, Brooks Macdonald, LGT Vestra, Marlborough, MitonOptimal and Smith & Williamson.
The Novia General Investment Account (GIA) allows clients to make unlimited contributions into one account.
The Novia Global Retirement Account (GRA) is a Qualifying Recognised Overseas Pension Scheme (QROPS) that meets the conditions specified by HMRC, and is able to accept pension transfers from appropriate UK Pension Schemes.
The QROPS is Malta-based and recognised by HMRC.
The Novia Global Wealth Management Service has a choice of three charging structures agreed with the advisor. Some charges are also passed on from Novia’s partners, BNP Paribas Security Services with Winterflood Business Services, and deals are sometimes aggregated to save on costs. Although this arrangement should work to the investor’s favour, it can mean costs incurred in the form of dilution levies.
Novia Global provides access to two types of product:
1) a Global Investment Account (GIA) and
2) a Global Retirement Account (GRA).
For each product Novia Global allows investors to access a variety of portfolio management options, including:
Aggregating the assets held to align reporting and treatment with the appropriate regulatory structures
Showing the valuations and charges for each product in a clear manner
Easily selecting those assets that are appropriate to hold in a particular product from the wide range of funds on offer
Using the tools Novia Gloabl provides to manage investments held
Performance not great - fees for transfer in pretty high...
So generally I'm not all that impressed...
Our verdict is that Novia Global is one of the stronger adviser-led international platforms. It has excellent technology behind it, but is more expensive than other options, and still enables offshore salespeople to earn extra commission from your investments.
If you are an existing overseas investor with Novia Global, we recommend you get a X-Ray Review™ conducted to find out the charges, access and terms applicable.