Former Goldman Sachs partner Charlotte Ransom and former JP Morgan managing director Thomas Salter have launched a new online wealth management service in the UK, branded as Netwealth.
Netwealth has attracted £6.5m of investment from angel investors. The investors included Bonham-Carter, Betfair co-founder Edward Wray, ex-chairman of Man Group and Prudential Harvey McGrath, and MoneyWeek editor-in-chief Merryn Somerset Webb.
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The new wealth manager will focus on key investing aspects including the team and process, security of the assets, service costs as well as the technology and transparency.
Netwealth’s charges start at 0.65% for an all-in annual fee for £50,000 invested, to 0.35% for £500,000 and above.
The online wealth manager is also providing the Netwealth Network service that will help clients to invite family members or friends into their network.
Commenting on the launch of the new service, Ransom said: "A significant number of professionals in Britain are either underinvested or unhappily invested, they do not have the time, nor sometimes the inclination, to invest for themselves yet have not found a suitable discretionary offering for their needs.
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By GlobalData"Whilst critical aspects such as a highly qualified team, investment rigour and security of their assets are all vital, they also want to benefit from all that technology can bring, including performance analytics, customisation of their individual investment goals, and transparency when it comes to the true costs of the service. Netwealth addresses all of these important aspects."
The platform has hired Gerard Lyons, former chief economic adviser of Boris Johnson, as its chief economic strategist. It also hired former senior executives from JP Morgan, Julius Baer, Schroders and UBS Asset Management.
