Two South West-based wealth management businesses are being unified under one name, it has been announced.
Bath investment platform Novia and Salisbury-based Wealthtime, which are owned by private equity firm AnaCap, will be rebranded under the Wealthtime brand as a single group.
The decision to rebrand is the final stage of a strategic review that was instigated following the purchase of the business by AnaCap in May of last year, the business said.
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The rebrand will come into effect in the second half of the year.
Patrick Mill, chief executive of Novia, said: “Since the acquisition of the Amber, Wealthtime and Novia platforms by AnaCap, our business has undergone a transformation, building on the strong foundations that were already in place across the group.
“We have been preparing the ground to position the group for what we believe is a third era for platforms, differentiating on true digitisation and deeper connectivity.”
Anacap said it had already migrated the assets of the Amber Financial platform onto Novia, bringing the combined group assets to £11.8bn.
Wiltshire’s Wealthtime has a team of more than 30 employees and assets under administration of more than £2.6bn, according to its website. Novia was founded in Bath in 2008 by a group of investment professionals.
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Mr Mill added: “As a group, we’re in great shape. We’re fully committed to the advised platform market and to continuing to invest in our people, our service, and our technology.
"We’re bringing together the two services under one group name and believe that a unified brand will allow us to have a greater impact in what is an ever-evolving market and help ensure we provide advisers and their clients with the very best proposition and outcomes for years to come.”