Private equity firm Anacap-owned platforms Novia and Wealthtime are to be combined under the Wealthtime brand in the second half of this year.

Both Wealthtime and Novia were acquired by the private equity firm last year.

The combined platforms have over £11.8bn of pension and investment assets under administration for over 67,000 clients.

Anacap has already migrated the assets of another platform it acquired, Amber Financial, to Novia.

Copia Capital, the discretionary fund management part of the combined group platforms, will remain as a separate brand.

The combined platform will continue to be led by CEO Patrick Mill.

Mr Mill said: “Since the acquisition of the Amber, Wealthtime and Novia platforms by AnaCap, our business has undergone a transformation, building on the strong foundations that were already in place across the group.

“We have been preparing the ground to position the group for what we believe is a third era for platforms, differentiating on true digitisation and deeper connectivity. These next-generation platforms will bring superior, adviser-centred technology and customisation to the market.

“The change the business has undergone recognises this shifting landscape and the rebrand signals our intent to be in the vanguard by enabling firms to construct their technology stack as they see fit, not as platforms dictate.”

Novia has seen several high-level staff departures since its takeover by the private equity firm including CEO Bill Vasilieff shortly after the deal was completed. 

Novia was setup in 2008 and has assets under management of approximately £9.3bn. Wealthtime has approximately £2.5bn of assets under management.