Ex-Selestia sales and marketing director Bill Vasilieff is bullish about prospects for his new Novia wrap, billing it as the ‘modern’ Transact and dismissing the challenge posed by other open architecture platforms.

Vasilieff (pictured) plans to launch Novia later this year, and has promised to trump other wraps in the market with better technology and more functionality.

‘There is currently only one wrap out there with the range of functionality that an IFA needs, and that is Transact,’ he said. ‘They are a very good business, but we hope we have a more modern version.’

Vasilieff is pitching his wrap at new model planners dealing with high-net-worth and mass-affluent clients, and believes it is capable of housing more than £5 billion in funds over its first five years of operating.

‘The market is crying out for a wrap, as is seen in the amount of coverage, and interest shown by advisers,’ he added.

Vasilieff said the wrap will operate an unbundled charging structure, and re-registration will be possible both on and off the platform.

‘Transparency is vital, and is one of the challenges to platforms posed by the retail distribution review,’ he added.

Novia’s tools will include risk-profiling, asset allocation and model portfolios, while advisers will also be able to look at all their clients’ investments, not just those held on the platform, using the software.

Vasilieff said he was looking to link with all back office software providers, and is currently in talks with some of the players in the market.

Technology will be provided by Australian wrap technology firm Infocomp, which is currenlty building the wrap.

The wrap is being tested as it is developed, with further testing using about six advisers with whom Novia has links. Testing will take two months from start to finish.

Backers for Novia include structured finance firm Future Capital Partners, and Matrix Securities directors David Royds and Donald MacKinnon.

Wrappers will include a general investment account, Isa, Sipp and an offshore bond.

The new wrap could be seen as bringing Vasilieff directly in competition with ex-Selestia colleague Brett Williams, who is heading up a new division which will launch technology-based tools for wealth planners.

But Vasilieff said Novia had broader appeal, as it would also cater to advisers with mass-affluent clients.

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