Italian online wealth manager MoneyFarm has launched its services for investors in the UK.
As part of the move, MoneyFarm will roll out a fee- and commission-free service for those investing less than £10,000 or more than £1m in savings.
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The company will charge a fee of 0.6% for investments between £10,001 and £100,000, while 0.4% will be charged for investments between £100,001 and investments over £1m will not carry a charge.
The new service will offer six risk-rated portfolios which invest using exchange traded funds (ETF) to achieve efficient returns. These portfolios have been designed to meet a variety of investor risk appetites.
Additionally, the wealth manager has launched of an iOS app in UK, which allows investors to open and manage their portfolios from a smart-phone or tablet.
MoneyFarm chairman and co-founder Paolo Galvani said: "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.
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By GlobalData"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."
Founded in 2011, MoneyFarm has more than 60,000 active users in Italy.
