InfoComp is to provide the front and back office systems for Novia Financial Plc, a new wealth management service being launched to the UK adviser market later this year.
Commenting on Novia’s announcement of last week, Rob De Dominicis, Chief Executive of InfoComp said:
“This is a great achievement for InfoComp and demonstrates our growing credibility in a significant and highly competitive market. Not only are we hitting our business targets, this latest deal shows that there is increasing awareness of and commitment to our Composer software in the growing UK market.”
“Composer is a fully integrated and flexible system without the limitations of other offerings that are built around legacy product systems. We are already a market leader in Australia and administer over $AUD 150bn on the Composer wrap platform. Adding Novia to our growing UK client list is the next step for our ongoing development in that market.”
Bill Vasilieff, CEO of Novia, added:
“It was a straightforward decision to work with InfoComp. They are well ahead in terms of delivering wrap technology solutions - more importantly, they have a strong track record and successfully come up with the goods. Our two businesses see the development of the wrap market in the UK in the same light and that aligned thinking automatically helps to lead us to a common working approach.”
UK ‘wrappable’ assets are estimated to stand at some £2 trillion, with as yet only a very small percentage (estimates vary between 1% and 5%) currently wrapped.
InfoComp UK won the Abbey/James Hay mandate to re-engineer their SIPP and Wrap platform using the Composer software. The enhanced platform is scheduled for roll out shortly.
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