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Novia renews GBST partnership for Composer platform

Novia Financial has renewed its long-standing relationship with GBST in order to continue to deploy the Composer platform onto its core technology system.

Novia and GBST have been partners since 2008, when Novia first launched its wealth management service using GBST’s front and back-office systems.

The scalable platform’s features, including the modern API-enabled microservices architecture that underpins Composer, has enabled Novia to grow in assets and client numbers.

GBST’s flagship platform Composer supports over three million accounts and £180 billion assets under management within the UK.

Custody, administration and API-enabled microservices

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 UK, 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, Chief Executive Officer 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 customization. In so doing, we’re meeting a number of the challenges adviser firms currently face head-on.”

GBST’s flagship platform Composer supports over three million accounts and £180 billion assets under management within the UK.

Kirsty Worgan appointed CCO of GBST

GBST has appointed Kirsty Worgan as Chief Commercial Officer, who will contribute to the firm’s global growth strategy and lead the development and delivery of its wealth management commercial plans, working closely with the CEO and Board.

In addition, she will support regionally based leaders to drive adoption of GBST’s wealth management solutions, including back-office administration technology, Composer; tools and services for tax aware investing and intelligent reporting, TaxIntell and Tax Analyser; digital wealth platform, Catalyst; and a growing range of interactive financial tools and calculators.

Last year, the wealth management platform was in the middle of a failed merger attempt by FNZ, which was blocked by the Competition and Markets Authority (CMA).

GBST’s Wealth Management division was ultimately sold to Anchorage Capital Partners, a leading global private equity fund with extensive financial services and systems experience.

Anchorage plans to make use of GBST’s Wealth Management division to execute its growth strategy and deliver solutions to clients, including support for continued investment and the rollout of the Composer platform to current and prospective clients.

FNZ announced it would reacquire GBST’s capital markets division. This will provide FNZ with the opportunity to expand its product while remaining compliant with the UK’s competition authority.


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