Save Money

Capture risk-free returns by identifying and reducing investment expenses that are paid to external parties.

Save Time

Leverage Novarca's cost experts to optimize every basis point, enabling your team to focus on its core strengths.

Change Nothing

Achieve best-in-class pricing within your existing portfolio—without changing managers or adjusting asset allocation.

How we change the dynamic from price takers to price makers

Novarca is the world’s leading investment cost expert for institutional asset owners. Our carefully honed process analyzes and addresses both the explicit costs and the implicit, below-the-NAV-line costs that covertly erode portfolio returns.

Novarca's process has been developed through experience analyzing a broad range of asset classes globally. Novarca builds a high-definition snapshot of your portfolio cost structure, gathering and assembling a broad range of detailed information on the various cost components of your holdings. From monthly statements, invoices, and custodial reports to legal documentation, manager-completed questionnaires, and trading histories, we consolidate this granular information in our systems, reviewing scores of different cost, fee, and expense elements.

Our experience with more than 60 clients globally has honed our ability to spot savings opportunities. We employ both quantitative and qualitative criteria to assess the fitness of each cost structure, and we seek global best-in-class pricing, not just satisfactory pricing versus the market median. The professionals at Novarca bring a breadth and diversity of financial industry expertise including asset management, sales and trading, and academia, and unlike other organizations, we apply our focus exclusively on fees and costs.

We develop, refine, and execute a client-approved action plan for savings that emerges from enhanced cost transparency. Savings opportunities arise from many areas, from inefficiently leveraged economies of scale, to suboptimal investment vehicles, to mismatches between client pricing and Novarca’s knowledge of better terms achieved.

Novarca’s negotiations and implementations generate savings that compound for the duration of the mandate and beyond. These savings may be realized in a variety of constructs, including improved terms, fee holidays, cash rebates, invoice credits, or other clearly quantifiable outcomes, and the cumulative effect of even modest cost savings can deliver real value to beneficiaries. At all times, the decision to modify a change in terms is at the client's discretion.

Novarca monitors the savings achieved for a set period of time, typically two years. Once we bring costs down, we want to keep them down and ensure that cost reductions in one part of the portfolio do not simply migrate to other (less transparent) areas. In addition, Novarca acts as an expert resource on future fee negotiations and on global trends in fee terms.

Assess the impact to your portfolio

We create measurable NON-INVESTMENT ALPHA—delivering an outstanding return on your time and effort.

Savings Calculator

Total Savings:

$70,735,437

Demonstrate careful
cost stewardship

Reassure Stakeholders

As an independent specialist consultant and advocate, Novarca reassures stakeholders that your pursuit of best-in-class pricing is both mission-critical and thorough.

Pay Only for Value Delivered

Novarca does not charge a retainer or upfront fees—we are remunerated if and when savings are achieved.

Gain Confidence from Novarca’s Insights

We do not give investment advice, manage assets, or sell financial products. Because we work only with asset owners, our interests are fully and properly aligned to best serve our clients.

Our Clients

Our clients include public and corporate pensions, sovereign wealth funds, endowments, and foundations. While we appreciate that no two clients are alike, we recognize they often share overlapping goals. Clients find our expertise and collaborative approach useful in diverse situations for solutions that:

  • Achieve greater cost transparency
  • Enhance existing cost reduction efforts
  • Determine the viability and benefits of in-sourcing investment programs
  • Initiate a reorientation of the portfolio

In addition, we work with and are trusted by regulators the world over. Here is an example of work we have done for regulators: Financial Conduct Authority Report.

Senior Management Team

Our diverse and dedicated team has experience that spans the financial industry.

Novarca was founded in 2006 by experienced finance professionals who felt that too many asset owners were PRICE TAKERS INSTEAD OF PRICE MAKERS. With better data, specialized tools, and deep expertise, Novarca set out to empower asset owners to achieve a more refined cost structure.

Ian Sosso Chairman, Novarca International

Before joining the Novarca group, Ian was Managing Director and Head of Capital Markets in Asia for Commerzbank. Previously, he held investment banking positions at HSBC, UBS and JPMorgan in both Europe and Asia. Ian has particular expertise is the structuring of derivatives amongst all asset classes. He holds a Master of Finance from the London School of Economics (LSE).

Marcel Staub Founding Partner and CEO, Novarca Group

Prior to co-founding Novarca, Marcel was at UBS and was responsible for e-banking projects and the optimisation of core processes for all divisions of the Bank. His focus was the systematic assessment and analysis of return-generating processes within the Bank (ROA projects). Marcel studied law at the university of Neuchâtel, Switzerland, and holds the Swiss banking diploma. He sits on the board of various companies in the fields of FinTech, RegTech and Artificial Intelligence.

Stefan Hofmann Founding Partner, Novarca Group

Previously, Stefan was the CEO of a Forbes 500 family office, where he was responsible for the allocation of capital across all asset classes and managed a team of 30 people. He also worked for both Goldman Sachs and UBS in the trading and investment divisions in Zurich, London and New York. Stefan holds an MBA from INSEAD.

Elena De Riva Director, Novarca Italy

Elena has diverse experience across the financial services industry and has provided consultancy services to various boards. Prior to joining Novarca, she was Head of Institutional Business at Polaris Investment, Italy. She started her career at Crédit Suisse, and was the Chief Fixed Income Strategist at BCI. She holds Masters Degrees from Bocconi University, Milan, as well as from the School of Management and Innovation, Rome.

Elliott Donnelley II Managing Partner, Novarca North America

Elliott is also General Partner of the White Sand Investor Group, a fifth generation family investment partnership of the Chicago-based RR Donnelley family. Complementing his involvement with Novarca, Elliott serves on the boards of the LGT Venture Philanthropy Foundation, Synergos, the World Affairs Council of Northern California and Stanford's Global Projects Center. He is a graduate of Yale University.

James Knowles Partner, Novarca United Kingdom

James is based in the UK and has worked with institutional asset owners for more than 30 years in investment banking, hedge funds, and activist fund management. His previous experience includes advising on portfolio construction and governance best practice. He is a finance graduate of Queen’s University, Canada, and is a trustee of the university’s UK campus.

Emmy Labovitch Partner, Novarca International

Previously, Emmy was with the OECD leading the group focusing on global regulations for pension funds. Prior to joining the OECD, she was Global Head of Marketing and a member of the Executive Committee of Union Bancaire Privée Asset Management. Prior to joining UBP she held the same position at Fortis Investments, where she was responsible for one of Europe’s largest fund operations. She began her career in financial services as a money manager in emerging markets. Emmy was educated at Oxford University and holds an MBA from INSEAD. She is a CFA charter holder.

Pascal Lambers Partner, Novarca Benelux

Pascal's experience includes senior positions with Credit Suisse Private Banking and Midland Bank Private Banking, as well as Veer Palthe Voute. He is the founder of Lambers van Driel Consultants, an international consulting firm focused on alternative investments, with significant experience structuring investment solutions for a wide range of asset owners.

Ashby Monk Managing Partner, Novarca North America

Ashby is also the Executive Director of the Global Projects Center at Stanford University. Dr. Monk’s research is focused on the design and governance of investment programs for large asset owners with particular focus on pension and sovereign funds. He also serves as an advisor to several large sovereign funds as well as co-leads the Institutional Investors Roundtable. He is a graduate of Oxford University, the Sorbonne, and Princeton University.

Scott Riedel Director, Novarca Australia

Scott has more than twenty-five years of experience in wealth management, private banking, investment and risk management. He was Head of Private Clients at Perpetual and Executive General Manager of the Private Bank for Commonwealth Bank of Australia. Previously, Scott held various treasury and investment positions with Citibank/Citigroup in Australia, the United States and Europe. Scott holds a Bachelor of Science Degree from the University of New South Wales, and a Graduate Diploma of Applied Finance from the Securities Institute of Australia. He has attended the Stanford University School of Business Executive Program, and is a graduate member of the Australian Institute of Company Directors.

Jack Sundt Member of the Board, Novarca International

Jack is an investor and entrepreneur with a background in corporate finance and investment management. He is actively engaged in businesses in the e-commerce, technology, property, and fitness sectors in Europe and Latin America. Jack has a degree in Economics from the University of Nottingham.

Eric Veldpaus Director, Novarca Benelux

Previously, Eric was at APG, where his focus was on all aspects of cost and cost transparency, including working with auditors and the Dutch Central Bank. While at APG, he was a member of the Global Advisory Committee of CEM. Prior to APG, he held senior positions at ABO, Robeco, and PWC. Eric is the author of several prominent publications on cost transparency, including the “Recommendations on Administrative Costs” published by the Federation of the Dutch Pension Funds. He is also a lecturer at Nyenrode Business University in the Netherlands. He is the Founder of the Institutional Benchmarking Institute, which focuses specifically on cost reporting.

Tom Welsh Managing Partner, Novarca North America

Previously, Tom founded a Silicon Valley tech company focused on bringing efficiencies to consumers and retailers through big data. Prior to that, he was a public finance banker and trader on a 10-person interest rate derivatives trading team that generated over USD $100mm in annual revenue for Merrill Lynch, executing swaps, options, and other derivative instruments. Tom has a BSE in Electrical Engineering from Princeton University and an MBA from NYU Stern, and was a member of the USA Rowing Team in the 2000 Olympic Games.

Patrick Imbach CTO, Novarca International

Prior to joining Novarca, Patrick worked for the Swiss manufacturer Schindler, where he was responsible for the management and versioning of all software updates. Prior to joining Schindler, Patrick worked in a variety of technology-related positions at Avaloq, Swiss Life and UBS. Patrick studied economics and mathematics at the University of St. Gallen.

Elias Weber Head of Digitalization, DPO, Novarca International

Prior to joining Novarca, Elias was one of the lead software developers and system engineers at Raiffeisen, a Swiss banking group. Previously, he held various software development positions at Crédit Suisse and Swiss Life. He started his career at Swisscom IT Services. Elias holds a Federal Certificate of Competence in IT.

Myriam Staub Head of Human Ressource, CFO, Novarca Internantional

Before joining the Novarca group, Myriam was Head of Personnel Development at Bosch Sigpack Systems. Previously, she was responsible for HR and Finance in various SMEs and start-ups. Myriam studied psychology and business administration at the University of Zurich.


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