Moneyfarm, a digital wealth management firm with operations in the UK and Italy, has agreed to acquire German peer vaamo. The acquisition marks Moneyfarm’s foray into Germany.
Similar to Moneyfarm, vaamo offers regulated fully-managed discretionary portfolios. The business was established in 2014 by Thomas Bloch and Oliver Vins, who will now become members of Moneyfarm’s executive committee.
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“Moneyfarm’s acquisition of vaamo marks an exciting new phase of growth for both companies, as we look to combine our European experiences to provide more personalised and innovative investment advice solutions internationally,” Bloch noted.
As part of the deal, Vins will assume the role of head of product at Moneyfarm.
Bloch will lead the German business and Moneyfarm’s European B2B operations.
The companies will retain their own brands while continuing to cater to their respective clients.
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By GlobalDataThe financial terms of the transaction were not revealed and the deal is pending regulatory nod.
Moneyfarm CEO and co-founder Giovanni Daprà said: “vaamo’s strong foothold in the German market and established B2B offering made them an attractive acquisition to further cement our position as a pan-European investment provider.
“Their shared preference for providing regulated investment advice, over an execution-only service, is in line with our investment ethos and was a key consideration in the process.”
