UK-based online wrap provider Novia aims to enable access to over 2,500 ‘clean’ share classes by the end of June 2013, over 2,000 ‘clean’ share classes having already been loaded on to the platform.
Approximately 1,500 of these 2,000 ‘clean’ share classes were loaded in May. Novia forecasts this figure to increase each month until the full suite of ‘clean’ share classes are loaded to "match the adviser demand and availability".
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The provision of additional ‘clean’ share classes will allow the online wrap provider to facilitate "much needed" transparency, according to Novia.
Richard Denning, operations director at Novia, said: "The rapid loading of clean share classes onto the Novia platform continues to be a seamless process, and we are still in the midst of completing this transition."
Novia’s platform currently carries over 300 fund groups and allows access to over 2500 funds.
Post the recent HMRC ruling on rebates, which heightened adviser demand for access to clean share classes to avoid pernicious income tax consequences of cash or unit rebates used to facilitate discounts, Novia decided upon the move to ‘clean’ share classes.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataDenning added, "The use of our technology solution has accelerated the process and we have not had to take on extra staff to complete the job. We do expect to have a full suite of clean share classes to match our existing funds by the end of the summer, although of course we will continue to add them as they become available by the funds group."
