Online wealth management service Novia Global is expanding into Middle Eastern territories including Dubai, Abu Dhabi and Qatar.
With the international platform already operating in the Channel Islands, Isle of Man, Gibraltar, Switzerland, the Cayman Islands, Europe and Hong Kong, the expansion is in response to demand for a multi-currency online solution with a flexible fee/commission structure operating in the burgeoning Emirates expat community.
Significant interest from adviser firms, trusts and family offices have been registered, with Novia Global distribution partners already channelling business from these newly added jurisdictions. The first terms of business has been completed with Middle East based firm PWS Group.
David Parker, managing director at Global Wealth Management, says: “We are thrilled to be the first to introduce business from the Emirates region to Novia Global. The platform has already made significant inroads in the international expat market and the addition of the Middle Eastern territories’ is a hugely exciting and relevant addition for our diverse client bank. Dubai and the Qatar jurisdictions are steeped in expat specialist advisers seeking alternative solutions to the opaque, high commission and limited investment solutions currently available and since Novia Global agreed terms to deal in these territories we have already seen significant interest amongst our supporting advisers. The agreement with our client PWS Group to use Novia Global as their platform of choice, we believe, is the beginning of an exciting development in the international wealth management space.”
Craig McConnon, managing director of PWS Group, says: “As specialists in bespoke financial planning for our diverse client bank in Dubai we are delighted that Novia Global have expanded their offering to the Middle East. As a supporter of transparency and a proponent of client choice and flexibility in the offshore investment market, we are absolutely thrilled to have signed terms of business with Novia Global, providing us and our clients with all the benefits and business efficiencies that a multi-currency totally online wealth management solution provides. We believe the demand for open architecture investment services is set to increase significantly both here and in the wider ex pat community.”
Andrew Staley, chairman of the Marlborough Group, which has offshore investment products available on Novia Global, says: "The feedback about Novia Global from advisers in Europe has been very positive indeed. They value the functionality the platform provides, which feeds through to a significantly more efficient service for clients, and many advisers see it as helping to 'future-proof' their business.
"Advisers in the UAE will now have access to a platform that provides a combination of first-class functionality and the sort of high-quality investment solutions for which Marlborough has established a reputation."
Chris Skelhorn, head of distribution at Novia Global, says: “Our overall strategy has always been to penetrate the key expat communities to offer access to a multi-currency, online platform solution. The Middle East has one of the highest populations of ex pats per capita and we are thrilled to be launching the platform here. An increasing number of wealth managers’ report that their client bank will no longer wear the old way of restricted investment choice and limited charging options and are instead looking for a service solution offering a real embedded value for their businesses. The addition of the UAE jurisdiction to the Global offering will be a significant one and we are thrilled to have already signed our first client Prestige Wealth Solutions.”