Two wealth management firms based in the South West are being unified under one name, it has been announced.
The investment platform of Salisbury-based Bath, Novia and Wealthtime, which are owned by private equity firm AnaCap, will be rebranded as Wealthtime as a single group.
The decision to rebrand is the latest step in a strategic review initiated following AnaCap’s takeover of the business in May last year, the company said.
The name change will come into effect in the second half of the year.
Patrick Mill, CEO of Novia, said: “Since the acquisition of the Amber, Wealthtime and Novia platforms by AnaCap, our business has undergone a transformation, building on the solid foundations that were already in place within the group. .
“We have set the stage to position the group for what we believe will be a third era for platforms, differentiating ourselves with true digitalization and deeper connectivity.”
Anacap said it had already migrated assets from the Amber Financial platform to Novia, bringing the group’s combined assets to £11.8 billion.
Wiltshire’s Wealthtime has a team of more than 30 staff and assets under administration of more than £2.6 billion, according to its website. Novia was founded in Bath in 2008 by a group of investment professionals.
Mr Mill added: “As a group we are in great shape. We are fully committed to the advised platform market and we continue to invest in our people, our service and our technology.
“We are bringing the two services together under one group name and believe that a unified brand will enable us to have a greater impact in an ever-changing market and ensure that we provide advisors and their clients with the best proposition. and results for the years to come.