Robo-advisor MoneyFarm launches in UK

Feb 26th, 2016 | By | Category: ETF and Index News

MoneyFarm, an Italian automated wealth management company, has launched in the UK offering investors the choice of six pre-designed exchange traded fund portfolios. The robo-advisor firm is looking to grab market share with the intention of becoming a leading provider of automated investments by waiving certain fees.

The robo-advisor offers its six portfolios at various levels of risk tolerance and will waive its fees on accounts with total assets below £10,000 or above £1m.  MoneyFarm is also the first robo-advisor in the UK to launch with an IOS app, allowing users to manage their investments on their smartphones.

Robo-advisor MoneyFarm hits UK shores

Paolo Galvani, chairman and co-founder of MoneyFarm.

Founded in 2011, MoneyFarm has since built a client base of more than 60,000 active users in Italy. Paolo Galvani, chairman and co-founder of MoneyFarm, notes the firm’s ambitions to launch across the Continent, becoming a leading provider in Europe for automated investments; the establishment of its UK division is representative of fulfilling that goal.

The move follows the raising of €16m in financing from Cabot Square Capital, the UK specialist services investor, and United Ventures, an Italian investor.

Galvani commented: “We are incredibly excited to be expanding our service into the UK market and are confident that the UK’s highly sophisticated investors will get significant benefits from the range of innovative products we are introducing.

“Traditionally, many investors in the UK have had a raw deal from fund managers and banks. Often hit by high costs, they have not received the level of service they deserve. MoneyFarm’s approach to investing will provide a service that has been sorely lacking in the UK wealth management market. Our innovative technology will be married with telephone access to advisers.”

Clients with invested assets between £10,000 and £100,000 will be charged 0.60% fees while those investing between £100,000 and £1m will be charged 0.40%.

Tags: , , , , , , ,

Leave a Comment