Allianz Ventures have made a strategic investment in MoneyFarm. They will be taking a minority shareholding in the company. This investment acts as a proof point for the progress we have made in the fast growing digital wealth management sector after being one of the first to launch in the European market.
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MoneyFarm launched in 2012 and arrived in the UK in February of this year, we were the first multi-country robo advisor. The investment will help accelerate our expansion in the UK and across Europe. The enhanced resources and knowledge provided by Allianz’s investment will support the realisation of our vision to enable everyone to protect, promote and pursue wealth, without worry.
Financial services institutions are now recognising that digital solutions will take a substantial share of the overall wealth management market. AT Kearney predicts that the digital wealth management market will grow to over US $2 trillion by 2020 in the US alone.1
Expansion of the digital wealth management market is being driven by demands from consumers for smart, one-stop wealth management services combined with the cost savings and service levels that wealth managers can achieve through technology.
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This investment is an endorsement of what we have achieved so far and also an indication that we have so much potential ahead of us. It is becoming increasingly clear that existing players in this space have barely scratched the surface of possibilities. Across the whole investment lifecycle there is a need for a better model and a better solution. All the feedback we get from our customers is that this is exactly what they have needed.
We have a relentless focus on creating solutions that fulfil customer needs. User friendly technology is not enough without excellent portfolio performance and we are delivering on that count as well. Our performance through market volatility, created by the vote to leave the EU, is testament to our investment strategy.
We’re excited that we will be able to bring a new level of service that will cater to more of your wealth needs. We’re developing a few things with Allianz at the moment and look forward to telling you more in 2017.