Novia Global, a UK-based online wealth management service, has announced plans to expand in several Middle Eastern markets, including Dubai, Abu Dhabi and Qatar.
The move is a response to significant demand for a multi-currency, online solution with a flexible fee/commission structure in the Emirati expat market, the British company said in a statement.
The company has established terms of business with Dubai-based advisory firm Prestige Wealth Solutions (PWS Group).
PWS Group managing director Craig McConnon said: “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.”
Set up in 2015, Novia Global offers a comprehensive wealth management service or full wrap platform for investment advisors and their clients across the globe. The company, headed by Bill Vasilieff, already operates in the Channel Islands, Isle of Man, Gibraltar, Switzerland, the Cayman Islands, Europe and Hong Kong.
Novia Global head of distribution Chris Skelhorn said: “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.”