Novia profits soar as group sells Aegon JV

Novia's profits rose sharply last year after the group received a boost from the sale of its Novia Investment Services arm to Aegon.

The platform made a £7.8m pre-tax profit for the year ending 31 December, up from £1m the previous year, with the sale of NIS for £6.7m in December providing the majority of the profits. The joint venture was set up in 2011 to build Aegon’s Retirement Choices platform, and the division was instrumental in turning a profit for Novia. Excluding the sale, underlying profits rose 9% to £1.09m, with assets under administration rising from £1.4bn to £2.3bn. The growth was achieved despite the cost to Novia of setting up its own fund management business. In September, the platform laun...