Bill Vasilieff
Barry Newbury
IN PROFILE
Bill Vasilieff
CEO of Novia
Bill Vasilieff is CEO of Bath-based Novia, headquartered on Henry Street in the heart of the city. Launched in 2008, Novia Financial provides a wealth management service or‘ full wrap platform’ for investment advisers and their clients. Novia has a global reach and competes with some of the major institutions. The firm currently employs 135 people and has ambitions for continued growth with the launch of Novia Financial’ s sister company Novia Global.
We met with Bill to find out more about the business and the man behind it.
Vasilieff is an unusual name, where is it from?
It’ s Russian. My father was a Ukranian prisoner of war and settled in Kirkcudbright, Galloway post WW2. That’ s where I was born and raised.
What did you do before Novia?
I originally trained as an Actuary which involved analysing financial consequences of risk. After some time I moved into marketing which I really enjoyed. I relocated to the South West after securing a job in Swindon and setup home in Bath. I’ ve lived in the city for over twenty years and before I setup Novia I commuted to London from Bath every day. That’ s how much I love it here!
How did Novia come about?
Before setting up Novia I’ d always worked for big institutions. With a little support I thought, I can do this myself. The company was founded with £ 10 million worth of financial support and four other directors. Three of which still remain today.
What is Novia’ s USP?
Although I’ m not a techy I’ ve built more financial platforms than anyone else in the industry. And my experience helps us get a true handle of what an adviser really wants to achieve with the software. Analysing the end users behaviours is key to the business’ s success.
I think our strength is getting the technology to work as efficiently as possible. Our web-based platform has lots of tools to help advisers in their roles. The technology we build ensures advisers don’ t have to do any re-keying, so there are fewer mistakes made. Our price point is cost effective too, so it makes for a realistic investment.
Who are your competitors?
Some of the major financial institutions in the world, such as Standard Life and AXA.
With such a global reach do you work with anyone locally?
In Bath, we currently work with Beckford James.
What have been your recent successes?
A year ago we launched a new division of Novia; Novia Global. This business deals specifically with offshore, multi-currency investments and the software we’ ve built allows advisers, private banks and trust companies the opportunity to efficiently and effectively manage client investments.
2016 has been a difficult year for the stock market with the uncertainty around Brexit, however our profits increased by one million. Since we set up Novia Global in 2015, the business has grown to a team of 15 employees and our aspiration is for Global to be as big as the Financial side of the business. We have high growth expectations and aim to be employing 300 people in the city in the next three years- basically doubling our current figures.
Why Bath?
Bath is a powerhouse for the financial services industry, so there’ s a lot of talent locally and if you can’ t find the right person, it’ s easy to convince people to relocate here as it’ s such a beautiful place to live.
What are your business values?
To champion transparency. The retail market is renowned for hidden charges. We pride ourselves on our see-through approach.
Mutual respect is also important to me and the brand. This ensures you get the best out of people. We’ re on first name terms with colleagues and clients.
Are you involved in the local community?
We’ re proud sponsors of Bath Rugby, I’ m a big fan of the club and we often entertain staff and clients on match days.
We are also the biggest fundraiser for Bath Rugby Foundation and sponsor the Bath Children’ s Literature Festival each year. It is important to me that our business supports the local community where we all live and work within, so that we can all grow and thrive together.
Sponsoring young people and encouraging the future generations to do well is also important to me and Novia. We’ ve been known to sponsor would-be Olympian’ s from the city to give them a fighting chance.
Work experience is a very important part of any young person’ s CV and we always try and accommodate people when we’ re asked to help.
What is your biggest achievement to date?
Making Novia a viable competitor against global players with a fraction of the budget. Establishing and making Novia thrive has been a huge achievement. We started out just after the global financial crisis, so in the toughest marketplace.
What’ s the hardest thing you’ ve learnt in business?
Setting up is hard, you need to have the persistence to just keep going. Some people think that if you have a great product, people will come. But that never happens, you have to build it, service it well and market it.
What are your passions outside of work?
Rugby. I watch it a lot! That aside, friends and family are really important. Without them, life isn’ t much good. I also love holidays and travel.
Tell us something we wouldn’ t know about you.
I like to motorcycle! I have a 500cc motorbike. I originally learnt to ride in the 70s, but rediscovered my love for it after holidaying in Majorca. I drove my son around and we had a fab time.
Who’ s the most famous person you’ ve met?
The Queen and Lester Piggott at the same time. I said“ Hello” in the Royal Enclosure at Ascot.
Next edition we talk to:
Barry Newbury
Managing Partner of Epoch Wealth Management
THE BUSINESS EXCHANGE 2016 31