The Novia platform has claimed to be the first in the UK to offer a with profits investment product to advisers and their clients.

Novia has made the Wesleyan with profits fund available on its platform from this month for the first time.

Like most with profits funds, the investment aims to provide 'smoothed' growth over the long term. 

The plan can be accessed via Novia’s Adviser Zone and has online access and investment-tool integration.

Novia believes it is the first-time a with profits investment can be accessed via a UK platform and the first time the fund is available via IFAs. 

The fund is provided by mutual Wesleyan Assurance Society, part of the Wesleyan Group which has 180 years history as a member-owned organisation. 

The fund invests in a range of asset classes to diversify risk. It is designed as a long term investment and Wesleyan say the financial strength of the with profits fund and Wesleyan Assurance means the fund can hold a significant amounts of equity and property investments to improve long-term return. 

Novia says the mutual status of Wesleyan also means that investors’ returns can be boosted through a share of Wesley’s profits which are returned to members.

Richard Harrison, Wesleyan’s chief distribution officer, said: “We are delighted to be working with Novia to make our highly desirable with profits fund available through IFAs for the first time in our 180-year history.

He added that over the past 10 years the fund has seen a cumulative return of 98%.

Keith Furniss, Novia sales director, said traditionally with profits has only been available “off platform” for advisers. He believes there is a “massive demand” for a mixed asset fund with smoothing facility.

Patrick Mill, Novia CEO, said “With recent events driving exceptionally unusual market challenges, we are proud to be able to respond to our users in offering, for the first time, a with profits solution via platform.”