With profits available via Novia platform

9 July 2021

Novia has added the Wesleyan With Profits Fund to its platform, marking the first time a With Profits solution is available via a UK platform.  

The fund, which invests in a range of asset classes, aims to provide clients with long-term growth as a result of ‘smoothing’, a process in which high returns in any given year are spread over a multi-year period to deliver a more constant figure for investors.

Weslayan said the financial strength of the With Profits fund and the Wesleyan Assurance Society allows the fund to hold a significant amount of equity and property investments to improve long-term return. The fund will be managed by Wesleyan’s investment team.

Traditionally, access to the With Profits concept has been off platform for advisers, however Novia said the new addition can now be accessed via its Adviser zone, enabling full online capability and investment tool-integration.

Richard Harrison, chief distribution officer at Wesleyan, said: “We are delighted to be working with Novia to make our With Profits Fund available through IFAs for the first time in our 180-year history.

“It’s great news for advisers and their clients that more investors will now have access to a strong, actively-managed fund with a proven track record of delivering healthy returns over the longer term.”

Keith Furniss, sales director at Novia, commented: “There is a massive demand for a mixed asset fund with smoothing facility and we are certain this will prove a popular addition to our network of advisers.

“The combination of the higher than usual equity content, no exit fees, and the transparent nature of the fund due to it being on platform, enables us to offer all that investors liked about things that have traditionally been associated to With Profits without the negative features.

“We are pleased to be able to offer this tried and tested investment solution via the Novia platform.”

Professional Paraplanner