Wealthsimple, a digital investment management outfit based in Canada, has launched services in the UK.
Clients in the UK will be offered individual or joint savings accounts and personal accounts, at a 0.7% management fee. However, there is no fixed base amount to open an account.
The firm also offers a premium service known as Wealthsimple Black targeted at UK clients who invest £100,000 or more. Wealthsimple Black offers personalised investment advices and travel benefits and charges a fee of 0.5%.
The UK unit of the firm will be led by Toby Triebel, the former co-founder of online lender Spotcap.
Triebel headed the firm during its initial beta testing, in which over 5,000 people signed up for early access.
Wealthsimple CEO of Europe Toby Triebel said: “Wealthsimple was born out of the idea that everyone should have access to high-quality financial products and advice, no matter their age or income. Many people in the UK don’t have access to investment services or are paying too much for them, and the initial response through our beta testing phase has been an incredible testament to the demand for an easy and transparent investment option.”
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UK is the robo adviser’s second international market following its foray into the US market earlier this year. The company currently has 40,000 clients and manages $1bn in assets.