Following a contract renewal, GBST will continue to provide Novia’s core technology system via its award-winning Composer platform.
The agreement extends the long-term relationship, which began in 2008 when Novia first launched its wealth management service using GBST’s front and back-office systems.
The continued strategic partnership ensures that Novia’s growth ambitions are underpinned by a proven, robust administration platform as it looks to scale assets and client numbers through technology.
Novia will continue to benefit from GBST’s ongoing investment in its technology, including the modern API-enabled microservices architecture that underpins Composer, which supports over three million accounts and £180 billion assets under management within the UK.
David Simpson, Head of EMEA at GBST, said: “As one of our first clients in the UK, we are proud to extend our long history with Novia and continue to power its wealth platform as it moves to the next stage of its development.
“Our market-leading technology already delivers the widest functionality and broadest range of wrappers of any retail administration platform software in the UK1, and we’re continuing to invest in new capabilities that lower costs and improve efficiency and compliance while supporting our client’s growth and innovation.”
Patrick Mill at Novia, said: “The platform market is at an inflection point. If it is to support adviser firms in meeting the evolving needs of their clients, it’s imperative that platforms find ways to offer more flexible technology solutions that are increasingly digital, data-driven, and heavily integrated into other technologies.
“By marrying GBST’s excellence in custody, administration and API-enabled microservices and overlaying our own proprietary technology for our adviser interface, we can provide security, differentiation, and innovation with superior customisation. In so doing, we’re meeting a number of the challenges adviser firms currently face head-on.”