Bill Vasilieff, CEO of £9bn platform Novia, will exit in June following the takeover of the business by private equity firm AnaCap Financial Partners.

He will be replaced by Patrick Mill, currently CEO of another AnaCap platform, Wealthtime.

Novia is AnaCap Financial Partners’ third platform acquisition in about 12 months. AnaCap has also acquired the Wealthtime platform and Amber Financial Investments.

Novia was set up in 2008 and is one of the smaller UK platforms although one of the larger independents. It has Assets Under Management of approximately £9bn and 67,000 clients advised by more than 1,000 IFA firms.

AnaCap’s acquisition of Novia was completed this week. 

Mr Vasilieff will leave at the end of June as part of a raft of management changes. 

Mark Winlow, an experienced independent non-executive director who has worked with Ageas and Starling Bank, has been appointed chairman of Novia.

Peter Cartwright, partner and head of private equity at AnaCap; Robert Massey, managing director at AnaCap; Ken Fry, Jane Dale and Dominic Easton will also be appointed to the Novia board. 

Patrick Mill joins the business from Wealthtime where he has been CEO since its acquisition by AnaCap. He has held a number of senior roles in financial services, including at Alliance Trust Savings.

Jane Dale, currently a non-executive director for a number of financial services firms, will chair the Novia Audit and Risk Committee. Keith Furniss will take over from Paul Boston as director of sales. Dominic Easton will be re-joining Novia and taking up the position of chief financial officer. John Beaumont, David Royds and Paul Parry have all stepped down from the Novia board.

Nassim Cherchali, partner for M&A at AnaCap, said: “We view this exciting acquisition of Novia as a truly fundamental deal in our strategy across the UK wealth management platform space. The investment means we have vastly increased our fund management and technological capabilities."